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Cash And Atm Trends During The Covid Pandemic
With 60 ATMs per 100 000 population, South Africa ranks 46th in the world for distribution of cash machines. South Korea can claim pride of place as the most ATM dense country with 282 ATM’s per 100 000. Canada and Portugal claim second and third place.
Africa, the continent with the lowest number of cash dispensers, has had to optimise alternatives such as mobile banking. We can boast the highest activity in the world. But, in many other parts of the world cash is still king.
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Cashless is dead
The cashless dystopia that continues to be pushed by some analysts and those who will profit from a cash free society, is dead. Cashless society, we have long been told, is an eventuality that cannot be avoided or ignored. Let’s look at the facts behind this though...
There are several reasons that we should consider the much-vaunted cashless society already dead. Costs, security, reliability, acceptance, and capability are some of the reasons that cashless is DOA (dead on arrival).
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Paying With Cash? Retailers Must Take Your Dollars in These States.
After a constituent called Colorado state Rep. Alex Valdez last spring and complained that some local businesses weren’t accepting cash, the Denver Democrat started noticing cashless businesses everywhere, from restaurants to his local coffee shop.
Valdez thought refusing cash due to the COVID-19 pandemic made no sense, as merchants were still willing to touch debit and credit cards. And he feared such policies could shut out people without bank accounts, a group that’s disproportionately low-income, Black and Hispanic.
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Join Fiserv at the ATMIA US Conference in Las Vegas, June 23-25
This month's WCW Pro-Cash Newsletter featured article is from Fiserv.
The Mandalay Bay Resort and Casino will be the site of this year’s 22nd Annual ATMIA US Conference – and your attendance has never been more vital. As consumers establish new routines around financial services and ATMs, you’ve got to meet their service delivery expectations. You’ll hear from our team of experts speak to this year’s conference theme, “NextGen ATMs - A New Path to a Transformative Future.”
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- Director of ATM Product Strategy, Nathan Dent, will be joining a panel discussion at the ATMIA Member Townhall Meeting to discuss “The Cutting Edge of ATM Technology” (for ATMIA members only)
- Wednesday, June 23 at 5:00 pm in the Palm C room
- Brendan Watkins, Vice President of ATM Product Management, will be hosting “Branch Automation: Beyond the ATM.”
- Friday, General Session 3 at 10:15 am, in the Jasmine ABEF room
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Visit us during these engaging sessions – or stop by Booth 317 to learn how our comprehensive ATM Solutions prepare you for the future. We look forward to seeing you!
To register for the ATMIA US Conference, June 23-25, 2021 at the Mandalay Bay Resort & Casino in Las Vegas, NV, click here.
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As more venues go cashless after the pandemic, ASU experts see downsides
When Chase Field opened to a limited number of fans in April, the team announced a new policy of not accepting cash. Fans use a smartphone app to reserve parking and to order and pay for concessions. Cash is not accepted at the concession windows, parking garages or team shop.
Going cashless will not be a major inconvenience for people who already use their debit or credit cards almost everywhere, but it does raise some issues regarding privacy and equity, according to two Arizona State University experts.
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Austrians are particularly fond of cash, study shows
Payment service provider Klarna has released a study showing that Austria is behind when it comes to adapting innovative technologies from the financial sector.
According to the study, Austrian consumers are skeptical of contactless payment methods. 47% of Austrians and 49% of Germans remain loyal to cash payments. The European average of people who still prefer to pay with cash when shopping is less than 30%.
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ATM use up by 18% as lockdown restrictions ease
New data from Link, the UK’s main ATM network, shows that an extra £200m was withdrawn from cash machines across the UK every week since 12 April.
Link says 250 ATMs mostly located within non-essential retail sites, which were closed in lockdown, are now working again.
However, the figures reveal that ATM transactions are still only at 65% to 70% of where they were just before the crisis.
READ MORE...
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This Month's Newsletter is Sponsored By:
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Fiserv is dedicated to delivering technology and services innovation to help its clients push the boundaries of what's possible in financial services, delivering deep expertise and innovative solutions to help financial institutions, businesses and consumers move and manage money faster and with greater ease than ever before.
As a global leader in payments and financial technology, the company helps clients achieve best-in-class results through a commitment to innovation and excellence in areas including account processing and digital banking solutions; card issuer processing and network services; payments; e-commerce; merchant acquiring and processing; and the Clover® cloud-based point-of-sale solution.
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Celebrate Cash News with Withdraw Cash Wednesday
Cash globally remains the most widely used and popular form of payment today. ATMIA’s goal with the Withdraw Cash Wednesday initiative is to communicate as an industry the many benefits of cash, while combating the negative press cash has received over the last few years to ensure consumers have cash as a payment choice for years to come. This monthly newsletter is geared towards sharing positive cash news reaching more than 10,000 ATM industry readers per month.
Don't miss our recent newsletters:
January 2021 - Sponsored by Fiserv
February 2021 - Sponsored by Fiserv
March 2021 - Sponsored by Fiserv
April 2021- Sponsored by Fiserv
View all past Pro Cash Newsletters here.
Follow Withdraw Cash Wednesday on Twitter and share our posts. You can even share your own personal cash story. Please share Withdraw Cash Wednesday news with customers, friends and family to promote cash usage!
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If you're interested in sponsoring the WCW Pro-Cash Monthly Newsletter and reaching over 10,000 emails, please contact Claire Feterl by email or at 605.274.0277.
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