Spark ATM Systems, a South Africa-based independent ATM deployer, yesterday reported a more than 9 percent drop in the average ATM cash withdrawal during January compared with December.
The Spark Cash Index reported that the average ATM cash withdrawal last month was R407 (U.S. $55.73), down 9.2 percent compared with R447 (U.S. $61.41) in December 2010.
The average cash withdrawal in December set a record for Spark ATM Systems, which has its headquarters in Cape Town. The Spark Cash Index tracks patterns of customer withdrawals through Spark's network of 1,100 ATMs. South Africa’s currency is the rand.
Marc Sternberg, managing director of Spark ATM Systems, said the decline in January ATM withdrawals occurred after December when cardholders splurged, withdrawing a record average amount of funds for Christmas.
“This Christmas consumers took a breather from the austerity of the past couple of years and, fuelled by record-low interest rates and a more positive economic outlook, gave retailers and the hospitality industry a welcome revenue boost,” company officials said in a statement. “January, however, is the month when the consumers are forced to cut back after Christmas excesses and this is reflected in the January Spark Cash Index.”
