When was the last time you withdrew cash at an ATM? Today? Over the weekend? Last week or even longer?
If you, like me, are struggling to remember when exactly when, take comfort in knowing that you’re not alone.
According to Commsec, the number of ATM withdrawals in Australia fell to a 15-year low in January, continuing the trend from the record highs struck nearly a decade earlier.
The chart below from Commsec shows the rise — and fall — in ATM usage in Australia.
By volume, transactions fell by 7.7% compared to the levels of a year earlier, and by 3.9% in terms of value.
Following in the footsteps of the cheque before it, the humble ATM looks like it will be confined to the history books before too long, replaced by tapping, rather than pinning, to access our hard-earned cash.
Demonstrating the latest shift in payment trends, Commsec notes that debit card purchases per account averaged 15.3 in January, up from 11.8 transactions a year ago. That was mirrored by credit cards with average transactions per account averaging 13.2 in January, above the 11.3 level of a year earlier.
Commsec calculates that the average amount per debit card transaction fell to just $49.97 over the past year, the lowest level on record. The average credit card transaction over the same period stood at $120.42, a 13-year low.