Wednesday, September 06, 2023View Showroom
ATMIA announced last week the results of a recently completed project to estimate the current population of ATMs in the USA. After a significant dip in 2020, the U.S. ATM population grew by about 21,000 terminals from 2021 to the end of 2022. ATMIA now estimates the total number of active ATMs to be between 520,000 and 540,000.
An exact count of ATMs is virtually impossible. The total number of Terminal IDs must be adjusted to account for ATMs that have multiple TIDs, as well as those that are out-of-service or decommissioned, but still in the system.
ATMIA’s previous population estimate of 475,000-500,000 was released in late 2017. The recent low of 450,000 ATMs was experienced in 2020, but many of those ATMs were behind locked doors and out of service, due to pandemic shutdowns.
As presented by the Atlanta Fed at ATMIA’s 2023 annual conference, cash in circulation has increased sharply since the pandemic – 28% just since 2020. The amount of cash held by individuals as a store of value has also grown. And although the number of cash withdrawals has declined slightly, consumers are withdrawing much more per ATM transaction than a few years ago.
All of this portends well, particularly for independent ATM deployers (IADs). As banks continue to close branches in rural, sparsely populated, and low income areas, IADs gain more and more opportunities to provide financial services to the consumer and small business market. We are also seeing steady growth in the deployment of recycling ATMs in retail locations. Again, more opportunities for IADs to offer new services – cash deposits.
The ATM growth seen for the past three years is valid testimony to the bright future of the ATM industry.
Best regards to all,