Just as you can tell a person’s age by how many of the Spice Girls they can name, what pogs are or if they know that the ‘save’ icon is, in fact, a floppy disk, we will likely be able to add ATMs to the list in the not-so-distant future.
Last month saw debit card transactions overtake cash as a means of payment for the first time. This landmark shift in the way we choose to spend our money is having a huge impact on the physical presence of ATMs, with around 300 closing every month. The question is, is this a bad thing?
Given that the amount of cash we carry on us at any given point has decreased by 36% in just one year, surely it makes sense to cut cash machines at a similar rate. The backlash is coming from rural areas which, in my opinion, is justified. Axing the ATMS in cities where contactless is king is a no brainer, but I can’t help thinking these closures should be carried out in direct correlation with how accessible payment terminals are for those who live in these areas.
It’s a question of supply and demand, and with experts like Revolut's CTO & Co-Founder, Vlad Yatsenko predicting we could be entirely cashless within 10 years, it looks like ATMs are set to be the floppy disk of the future sooner than we might have expected.