A plethora of electronic payment options across Australia means the ATM could eventually go the way of the payphone.
This is great for consumers. How many times have you had to suck up paying $2 for the privilege of withdrawing your own money because a retailer only accepts cash and your bank doesn’t have an ATM nearby?
Not accepting cards, even for small transactions, is not only inconvenient it’s bad for business – Australia is carded up with an estimated 50 million payment cards issued to the country’s 23 million people.
This chart from a recent Australian Payments Clearing Association report shows the value of ATM transactions have been trending down since 2008. In February there were 57.3 million cash withdrawals at a total value of $10.8 billion from ATMs, down from 60 million transactions a year earlier.
“ATM cash withdrawals have been decreasing in overall and per capita value. This has primarily been driven by a reduction in the number of transactions rather
than any major change in the average transaction value,” the report said.
Australia has also reached peak ATM deployment, the study said.
NOW WATCH: Money & Markets videos
Business Insider Emails & Alerts
Site highlights each day to your inbox.