Bank / Credit Union
ATMs in Australia on the decline
September 16, 2020
Over the past four years, the number of ATMs in Australia has fallen 15% and the trend is expected to continue, according to the Reserve Bank of Australia.
The Australia Payments Network said COVID-19 has sped up the decline in ATM numbers with the removal of 2,151 ATMs in Australia between April and June, according to a Yahoo Finance report. During that same period, the value of cash withdrawals jumped from a low point in April to a significant increase by July.
"These numbers represent a vote of confidence in cash and a strong statement that Australians want to keep their right to access and use cash," Tim Wildash, CEO of independent ATM network, Next Payments, told Yahoo Finance.
Wildash is concerned that less ATMs will not only hurt local shopping and communities, but the economy as well.
"Accordingly, an important issue is whether consumers have access to and familiarity with newer technologies necessary to use electronic payments," Wildash said.
A 2019 Consumer Payment Behavior cross-demographic report by the RBA, released in March, indicated 73% of Australians said that being unable to access an ATM or cash point would cause a minor inconvenience at most, but 40 % of those 65 age or older said the removal of ATMs would cause them great difficulty.
Additionally, the survey indicated 95% of those who keeep little to no cash in a wallet had access to the internet and would access cash through these channels.
