The popularity of cashless payment methods like debit and credit cards, combined with the rise of online banking, mobile banking, and online purchases, have led to a decline in cash use. Some financial experts interpret the decline in cash transactions to mean the eventual death of cash itself, and consequently, a cashless world will have no need for ATMs. Certain experts also predict that like cash, the ATM is on a path to extinction. With close to 500,000 machines in the US alone, there are fewer transactions per machine, meaning that it is harder for ATM owners to justify the cost of keeping a machine running since fewer people visit it.
Despite the increasing use of cashless payments and online banking and shopping, many financial experts state that cash still has an important function in the modern economy. According to a 2014 Federal Reserve Report, cash transactions make up forty percent of the total payments the average American makes each month. Cash is also the preferred method for making smaller purchases. So, like cash, ATMs are not disappearing anytime soon. In fact, ATM industry specialists foresee a transformation of the current ATM from a cash-dispensing machine, into a multi-function machine that integrates with the world of online and mobile banking. In Japan and Greece for instance, consumers can withdraw their money from an ATM via a mobile device.
Furthermore, advances in ATMs and ATM software are improving users’ experience. For example, centralized control over multiple ATMs will allow a more uniform experience at the machine, users will see the same navigation tools, logos, other visuals on a variety of ATMs. Another possible innovation would be a video interface on ATMs, which would allow users a more personalized experience.
If you are a business owner thinking about installing an ATM at your business location, contact America’s ATM for your ATM solutions. America’s ATM is a company that provides businesses with financial service kiosks, marketing products, and ATMs. America’s ATM’s programs give business owners and individuals a variety of opportunities to earn revenue. Business owners can choose from the Free ATM Placement Program, the Free ATM Partner Program, or the ATM Processing Program, to serve their ATM needs. Individuals can also partner with America’s ATM to become independent agents through the ATM Resellers Program. Learn more about these programs and America’s ATM through the website, http://americanatm.com/, or contact a representative at 877-475-1104.