Why ATMs could soon disappear from Aussie streets
ATMs could soon be a thing of the past with research showing less and less Australians are withdrawing cash.
Nine Finance editor Ross Greenwood told A Current Affair ATMs are “going to decline rapidly” as more people use cashless transactions.
Research published the RBA in December 2017 found the value and number of ATM withdrawals had been decreasing since 2008.
“Since 2013, the number of ATM withdrawals has fallen by an average of five per cent each year and is now about 25 per cent below its 2008 peak,” the report reads.
“Factoring in the rise in the number of ATMs over this period, the average number of withdrawals per ATM has nearly halved, from about 90 per day in 2007/08 to a little over 50 per day in 2016/17.”
The research claims the decrease in usage “reflects a fall in the use of cash for transactions, with consumers increasingly opting to use electronic payment methods, particularly payment cards”.
Finder’s insight manager Graham Cooke told 2GB this week he expects ATMs to “disappear” from Australia’s streets within the next decade.
Mr Cooke added people in regional areas who currently might not have access to the same technology as residents in big cities will, by then, have more access to cashless transactions.
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