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Bank ATMs in Australia may be farmed out to 'new utility enterprise'

December 13, 2018

Australian banks have secured permission from the nation's reserve bank to sell their ATM holdings. According to a report by The Bull, RBA assent provides further evidence that Australians are giving up cash.

The report said that an unspecified "new utility enterprise" will assume operation of the ATMs, which mostly will remain active at their current locations, but without previous bank branding.

Tony Richards, head of payments policy at RBA, has said that a national ATM system would be a logical solution that would relieve banks of the cost of operating ATMs and ensure that cash remains available to consumers who wish to use it.

Despite the fact that ATM withdrawals have declined and electronic payments have increased, more cash than ever is moving through the banking system, indicating cash hoarding by Australians, the report said.