Payments
US ATM count surges since 2020
September 12, 2023
Following a dip in 2020, the U.S. ATM population grew by about 21,000 terminals from 2021 to the end of 2022, according to the results of a project to estimate the number of U.S. ATMs by the ATM Industry Association.
ATMIA now estimates the total number of active ATMs to be between 520,000 and 540,000, according to a press release.
"The total number of terminal IDs must be adjusted to account for ATMs that have multiple TIDs as well as those that are out-of-service or decommissioned, but still in the system," David Tente, ATMIA executive director, said in the press release.
ATMIA's previous population estimate of 475,000 to 500,000 was released in late 2017. The recent low of 450,000 ATMs was experienced in 2020, but many of those ATMs were behind locked doors and out of service due to pandemic shutdowns.
As presented by the Atlanta Fed at ATMIA's 2023 annual conference, cash in circulation has increased 28% since 2020.
The amount of cash held by individuals as a store of value has also grown. And although the number of cash withdrawals has declined slightly, consumers are withdrawing much more per ATM transaction than a few years ago.
As banks close branches in rural, sparsely populated and low income areas, independent deployers gain more opportunities to provide financial services to the consumer and small business market.
"It is a positive sign to see growth in the ATM channel and continued opportunity to provide consumers with access to cash," said ATMIA CEO Lonnie C Talbert. "This coupled with the rise in app-based contactless ATM transactions increasing to over $5 billion in volume show ATM commerce is resilient and trending upwards."
Included In This Story
ATM Industry Association (ATMIA)
The ATM Industry Association, founded in 1997, is a global non-profit trade association with over 10,500 members in 65 countries. The membership base covers the full range of this worldwide industry comprising over 2.2 million installed ATMs.
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