Bank / Credit Union

Global ATM market a mixed bag during COVID-19, report says

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June 4, 2021

The global ATM market shrunk in 2020 due to COVID-19, according to RBR's upcoming report, Global ATM Market and Forecasts to 2026. At the same time, almost half of all markets saw an increase in usage during COVID-19, according to a press release.

Of 110 countries surveyed, 59 of them saw decreases in ATMs while 51 saw increases during 2020. The Asia-Pacific market saw the largest drop, with China removing 50,000 ATMs due to trends towards cashless. The Egyptian market, however, saw an increase of 12%, and 700 new ATMs were deployed in India.

"While the total number of ATMs worldwide has fallen slightly, the sophistication of the ATMs that are being installed continues to increase as banks look to ATMs to fulfil transactions previously conducted at the teller," Rowan Berridge, lead of the report, said in the release. "Despite the growth of cashless payments, cash remains a necessity for many. ATMs serve as a cost-effective method of increasing customers' access to cash compared to opening bank branches, encouraging ATM deployment in underbanked areas."