Is the ATM business dying?
If you think to run an ATM business then you should know the fact that ATM is quickly becoming outdated and suiting down in the world according to some studies and researches. Therefore, many people are asking a question that “Is the ATM business dying?” If you are also interested to know the answer of this question then you are at right place. In this article, we will explore the facts about this question. So, let us start our discussion
ATM —- History
John Shepherd-Barron introduced the idea of ATM in 1957 while the person who turned this idea in reality is James Good fellow. He developed patented cash dispenser. In 1967, Luther George installed his first ATM. The first machine was fixed in a bank in New York. These ATMs were stand-alone machines that processed payment with 24-hours system. Initially, the ATM machines were accepting deposit only. However, ATM became advance as Technology advances. Today’s ATM machines handle both deposit and withdraw.
People use ATMs preferably because it is an efficient way to do transactions as banks. Users only need to insert their bankcards, enter their PIN and follow the on-screen instructions.
Is the ATM business dying?
It is not sure that whether or not ATM is dying. We can say both “Yes” and “No.” YES for the fact that this is a digital era and many other ways to handle fiannce is available such as credit and debit cards and cryptocurrencies that are more efficient as compared to ATM. The latest digital sources to run transactions replaced the ATMs. While, NO isfor the fact that people prefer to use cash for a range of reasons. People think that cash is eliminated and the use of ATMs is decreased because many transactions are happening through online sources. It is a reality that holding a large amount of cash in hands is unsafe, that is why many people consider to use debit and credit card to make transactions, but Cash also has its significant.
ATM business is not dying because cash still plays an integral part. According to reports and researches, ATM industry makes almost $2 billion annually that is a great amount. Around 400,000 ATMs are still operating in the world. Some professionals stated that the ATM machines continuously become outdated. However, some stated that ATM machines are not outdated because Technology gives them advance features and integrated them with smartphones. As far as baking system innovates, it seems that ATM also innovates.
Is ATM business still profitable?
Yes, ATM business is the best way to generate good revenue. Technology modernizes ATMs. Today’s ATM comes up with advance features and more secure system as before.
ATM plays an integral part in baking system. ATM owners earn commission every time when someone use machine. Therefore, it is a profitable business to run ATM machines.
ATM is an old technology to make transactions. They come up with more advance features these days that makes them integral part in the banking system. Some people still like to use ATM machines because they are more efficient then persons in bank and process transaction more rapidly.
Source of image: https://pixabay.com/vectors/credit-card-icon-financial-2389154/