ATM withdrawals have hit an all-time low with new figures from the Reserve Bank of Australia (RBA) showing that during what is meant to be the busiest time of the year, December, withdrawals hit below $12 billion – the lowest recording since 2003. The decline of ATMs is expected to continue as more and more Australians embrace new payment technologies. Contactless card payments and digital wallets become more predominant choices of payment. Beyond Bank’s General Manager of Customer Experience, Nick May, believes, “ATMS have lost relevance for a lot of people due to many being time poor, and visiting an ATM was ‘one less job on the list.’”
Despite the decline in ATM use, cash remains king as 80% of Australians have used cash to make purchase in the last 12 months.
Despite the decline in ATM use, cash remains king, as RFi Group data shows that more than 80% of Australians have used cash to make purchase in the last 12 months. How cash is being used has changed as it is not now most commonly used to make low value purchases and as emergency money when faced with minimum spend or surcharges. As the generational shift continues moving forward and millennials increase there is a predominant driving expectation to use electronic alternatives.
Source: RFi Group