ISmall-Business.net

Intelligent Business Solutions

  • Home
  • Strategy
    • Small Business Strategy
      • Combining Niches to Maximize Profit Potential
      • High Ticket Versus Volume Niche Selection
      • How to Know When to Cut a Business or Niche Loose
      • Never Put All Your Eggs in One Basket
    • Sales Strategy
      • Facebook Networking Versus Paid Advertising
      • Brainstorming a Successful Sales Funnel
      • Best Practices for Profitable List Building
      • Backend Sales Strategy Tips
      • A Better Way to Use Webinars for Profits
      • Creating a Welcome Email That Makes Money
    • Production Strategy
    • Human resource strategy
  • Management
    • Business action plan
      • 7 Things to Send JVs to Get Them Onboard
      • Don’t Make JV Promises You Can’t Keep
      • How to Host a Challenge and Maximize Profits
    • Small Business Management
      • Putting Profit Tasks First During Time Management
      • How Self Doubt Sabotages Your Financial Success
      • Repurpose Your Content to Save and Make Money
    • Business Management Topics
      • Fighting the Stigma of Failure
      • Figuring Out the Perfect Launch Date and Time
      • Bonus Creation That Catapults You to Leaderboard Domination
      • Do Customers Prefer Video or Text Courses
      • Minimize Your Risk of Refunds with These 5 Tips
      • How Often Should You Email Promo Material
      • Narrow Niche Domination
      • Perfecting the Launch Process for Increased Profits
    • Business Management Blogs
      • Nobody Expects a Perfect Expert
  • Ideas
    • Find business ideas
      • 5 Lucrative Non IM Niches
      • 6 Niches That Are Hot on Social Networks
      • Are PLR Stores a Viable Way to Make Money
      • How to Know If a Membership Site Is Right for You
    • Idea feasibility
      • How to Make Money Off a $7 Product
      • Recurring Income Options
    • 10 top business ideas
      • Could Coaching Bring in More Money Than Products
      • Individual Coaching Versus Group Coaching Profits
      • Building a Reputation as a Powerful Affiliate
      • Pinterest Profit Niches
    • Low cost business ideas
      • Making Money Off eBooks and Reports
  • Valuation
    • Business Valuation
    • Increase business valuation
      • Making Wise Investments in Tools to Further Your Business
    • Business Valuation Methods
    • Understand business valuation
  • About
    • About Me
    • Blog
    • Contact Us
    • Sitemap
    • Privacy Policy
  • Strategy
  • Supply Chain
  • Customer Focus
  • Entrepreneur
  • Biz Opportunities
You are here: Home / Strategy / 3,600 ATMs Close Every Year, Report Says, Are You Providing Digital Payment for Customers?

3,600 ATMs Close Every Year, Report Says, Are You Providing Digital Payment for Customers?

December 19, 2018 by Asif Nazeer Leave a Comment


A Trend of Shutting Down ATMs -- Could Be Extinct in Less Than 25 Years

The first automated teller machine or ATM, as it is better known, started spitting out cash on June 27, 1967, at a branch of Barclays bank in north London. Some 51+ years later a new research by Expert Market has revealed not only ATMs but also bank branches are set to become extinct in less than 25 years.

A Trend of Shutting Down ATMs

According to the report, the number of ATMs started declining at a rate of 3,600 annually in 2017, which will make 2037 the year they will no longer be around in the UK. Bank branches will hang on for an additional four years, but Expert Market is predicting by 2041 you will not see them around either.

Although the study was done in the UK, a global trend is taking place in which cash is being used with less frequency by consumers. Retailers are also jumping on the bandwagon, as many local small businesses are opting to become plastic only or no-cash establishments.

In an emailed press release, Jared Keleher of Expert Market addressed the consumer side of the growing cashless trend taking place around the world.

Keleher said, “If the trend towards a cashless society continues at the expected pace, it’s more important than ever for people to adapt. With access to cash likely to be extremely limited and eventually non-existent, people should get to grips with online banking as soon as possible and businesses should ensure that card machines are available at every store.”

Since businesses rely on consumers, they have to adapt by providing more payment options for their customers. In addition to credit and debit cards, businesses need to deploy the full spectrum of digital payment solutions.

Key Takeaway

According to Expert Market, ATMs are said to disappear in 19 years with bank branches following suit four years later.

The report pointed out there were 14.3 billion card payments made in 2016 and this is expected to rise to 21.9 billion by 2026. In comparison, there will only be 8.7 billion cash payments expected in 2026, a decline of 43% from 2016.

The Expert Market research might not hold true globally for the exact end date of the ATM and bank branches, but for many developed countries, this is the eventual trajectory. In many metropolitan cities around the world, many residents don’t use cash for weeks or even months at a time.

Cash is Still King Globally

The saying “Cash is King” still holds true for 80% of the world. While countries like China have strongly been pushing digital payments and several Scandinavian countries look to be completely cashless, the US still relies heavily on cash.

In a report published by Pymnts.com titled, “Cash Holds Firm Against Rising Digital Dollar, March 2018” some of the key findings from its Global Cash Index: US Edition revealed cash is still the most-used payment method in the country.

As a matter of fact, the report says consumers in the US are choosing cash over debit or credit cards for day-to-day purchases.

So the demise of cash, ATMs, and bank branches will greatly depend on where you happen to live. But there is no doubt it will eventually happen, the question is when.

Photo via Shutterstock

This article, “3,600 ATMs Close Every Year, Report Says, Are You Providing Digital Payment for Customers?” was first published on Small Business Trends





Source link

Filed Under: Strategy

About Asif Nazeer

My current sphere of interest is Internet Marketing - Worked for many years in finance and banking. I now consult for small businesses and starts ups. Also involved in venture capital for new companies.

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Sign up for our newsletter and receive a free EBook on how to boost productivity






Find it

Blog By

Small Business Consultant and Accountant helping grow your small business Read More…

Follow us online

  • Email
  • Google+
  • LinkedIn
  • Twitter

Recent Posts

He Sacrificed the Job He Loved to Pursue His Passion. Today he’s returning green areas to cities.

March 4, 2021 9 min … [Read More...]

  • Griswold Home Care Franchise Information
  • Stop Giving Clients Your Personal Email. Here’s Why.
  • When Does Daylight Savings Time Start in 2021?

Archives

  • March 2021 (4)
  • February 2021 (39)
  • January 2021 (58)
  • December 2020 (66)
  • November 2020 (59)
  • October 2020 (38)
  • September 2020 (47)
  • August 2020 (37)
  • July 2020 (2)
  • May 2020 (1)
  • April 2020 (1)
  • March 2020 (33)
  • February 2020 (25)
  • January 2020 (20)
  • December 2019 (27)
  • November 2019 (28)
  • October 2019 (34)
  • September 2019 (38)
  • August 2019 (13)
  • July 2019 (44)
  • June 2019 (40)
  • May 2019 (58)
  • April 2019 (51)
  • March 2019 (43)
  • February 2019 (44)
  • January 2019 (43)
  • December 2018 (47)
  • November 2018 (43)
  • October 2018 (58)
  • September 2018 (44)
  • August 2018 (60)
  • July 2018 (49)
  • June 2018 (58)
  • May 2018 (54)
  • April 2018 (39)
  • March 2018 (46)
  • February 2018 (48)

Biz Opps

Featured image by Alexander Supertramp In my … [Read More...]

Featured image by NASA on Unsplash Space … [Read More...]

Featured image by jirehg from Pixabay It is not … [Read More...]

Customer Focus

First published in Exchange, the magazine of the … [Read More...]

Entrepreneurs

March 4, 2021 9 min … [Read More...]

Why Choose Griswold? Griswold Home Care launched … [Read More...]

If you hate managing your email inbox, try … [Read More...]

Strategy

If you buy something through our links, we may … [Read More...]

In helping celebrate Black History Month, Facebook … [Read More...]

ZOHO started its current Email Marketing Basics … [Read More...]

Supply Chain

Although managing inbound shipping can be … [Read More...]

© Copyright 2015 iSmall-Business.net · All Rights Reserved · Powered by ISmall-Business.net · Admin