The 1st ever drop in the ATM (Automated Teller Machine) in 4 of the 5 largest ATM markets is already registered. Are electronic payment methods killing cash? The number of ATM machines in Brazil, China, India, Japan, and the U.S. reduced almost 6% in 2018, thus making up 1.62 million. To learn more about the topic, as well as discover the most reliable and cheapest alternative business loans, just read below.
Digital Payments & Alternative Business Loans
In the modern era of cashless payments, the need for cash hasn’t gone away. This means ATM machines haven’t lost their demand. What about smartphones? They can do anything for you: sending and receiving money is a simple thing for them, isn’t it?
So, transactions through eCommerce stores aren’t only limited to cash these days. In fact, eCommerce and mCommerce have changed the field in ways no one could expect in the past.
When it comes to ATMs, Chemical Bank installed the 1st ATM in the U.S. on September 2, 1969. They were designed to dispense a fixed sum when people inserted a specially coded card. Now, the situation has changed to an incredible extent.
Today, talks about “cashless society” are increasingly becoming a reality. The media is becoming full of stories of bank branches and rural ATMs closing, or pubs, restaurants, and shops going cashless.
Libra, Facebook’s rival to Bitcoin, is a vivid example of this trend. FB is working on enabling users to transfer cryptocurrency with zero fees via Facebook products, such as Messenger and WhatsApp.
What about you? Are you using the right services so that not to stay behind the developments in payments and offer only the best to your customers? In case you need access to extra working capital to reach your financial goals, consider working with a reputable alternative online lender and payment processor like FirstAmericanMerchant.com.
First American Merchant (FAM), an award-winning processor and BBB-accredited business funding provider, specializes in the high risk space and offers exceptional alternative business loans in the industry. The rates are among the cheapest and the terms are among the best. Application is fast and simple: only the minimum of paperwork will be required.
Electronic Payments Killing ATMs?
In this day and age, users and providers of financial services can find unprecedented diversity in the payments environment. Since cash is dying out, the decline of ATMs isn’t a surprise anymore.
According to UK Finance CEO Stephen Jones, the world is still far from becoming a cash-free society, however, cash is losing its popularity. By the way, JPMorgan Chase is closing its Finn, a digital banking service.
More and more mobile users are joining the already registered millions of users making payments via apps on their phones. Mobile money is becoming more and more promising with each year. The future ATM, MicroATM, will feature user interfaces and an ability to operate completely from users’ smartphones.
To sum up, cash is in decline, thus making the number of ATMs drop. Consumers are losing their interest in cash, so you should work with a reputable processor to offer the best and the right payments to your customers.