Sales League Table 2020 | Banking Technology Winners

Results Announced!

IBS Intelligence launches BankTech Daily News

Subscribe today. Limited time offer.

The Black Swan Opportunity | Get your bank digital ready.

IBSI Special 5 Digital Report Package with Special Offer. Subscribe now

India FinTech Report 2020

Insights into the historical and projected market size of key FinTech categories. Subscribe now

Chinese ATM usage in sharp decline as consumers go cashless

Use of ATMs has plummeted in China as consumers have switched en masse to digital payments, a leading consultancy in the field of retail banking and banking automation has revealed.
China is by far the largest ATM market in the world, home to almost a quarter of the world’s cash machines, according to RBR’s study, titled Global ATM Market and Forecasts to 2023. But following years of explosive growth, the Chinese ATM sector went sharply into reverse in 2017, with deployers withdrawing 20,000 machines, revealed RBR.
China’s burgeoning middle class, it said, has embraced digital payments enthusiastically, and as demand for cash falls the number of ATMs in the country is expected to continue dropping. The move away from cash, at its most dramatic in China, is also contributing to falling ATM numbers in several western European countries.
Despite these trends, cash usage remains strong in many parts of the world, concluded RBR, and is a driver of ATM growth in many Asian markets, as well as in the Middle East, Africa, and Latin America. Bangladeshi ATM deployers, for example, are projected to increase their country’s total by over 60% by the end of 2023, as the government pushes for greater financial inclusion and as banks expand into more rural areas.
“Convenient access to cash remains a priority for a great many customers around the world, and ATMs will continue to be a key cash delivery channel in the years to come,” said Rowan Berridge, RBR associate and leader of the research.

Related IBS Intelligence Research

Related Posts

NAB

NAB to recruit bankers and advisers for high net wealth clients

National Australia Bank (NAB) announced that it will recruit 50 new bankers and advisers, as part of its new strategy to provide high net wealth clients with a single point of access for their financial needs, ranging from wealth creation, business growth to retirement needs and philanthropic investment. JBWere CEO and leader for NAB Private, […]

This post is only available to members.

Read More »

EQ launches new automated complaints management product

EQ has announced that it is launching a new automated complaints management product for the financial services industry, EQ Complaints Professional. The new solution is expected to enable firms to enforce their FCA compliance immediately as well as continually as regulation changes. Andrew Edler, MD of EQ Charter, commented, “We are delighted to bring this […]

This post is only available to members.

Read More »
bank, FinTech, neobank, smartbanks, challenger banks, Asia

Australia’s big 4 banks welcome the launch of open banking

The Competition and Consumer (Consumer Data Right) Rules went live on July 1, in Australia. This has been welcomed by the big 4 banks of the country – ANZ, Westpac, Commonwealth Bank and NAB where they will be sharing their customers’ data with third parties, when requested by the customer. Angus Sullivan, CBA’s Group Executive […]

This post is only available to members.

Read More »

Lendio facilitates $8 bn in PPP loans to 100,000 small businesses

Lendio, a leading marketplace for small business (SMB) loans, announced that the company has till now facilitated $8 B in Paycheck Protection Program (PPP) loans for 100,000 small businesses. The firm’s partnership with 300 SBA-approved financial institutions and FinTech leaders has helped the company to secure COVID-19 relief funds for several underserved segments of the […]

This post is only available to members.

Read More »