The Automatic Teller Machine celebrated its fiftieth birthday in 2017. Introduced to improve customer services by banks, it gave bank customers access to their money any time of day all through the year. Unlike banks that have fixed operating hours, the ATM allowed bank customers to withdraw their money anytime they needed to. Over the course of time, the ATM experienced improved technical capabilities. As such, modern day ATMs can do more than just withdraw cash.
For instance, bank customers can use modern ATMs to deposit cash, check account information such as account statements, and transfer funds. Importantly, bank customers can do this any time of day, any time of the year. As such, ATMs give bank customers an avenue to access wider array bank services with extreme ease. Some of the other competing solutions cannot offer any comparable services. As such, the ATM has not only survived the emergence of online credit cards and online shopping, it is still very popular.
There is no denying that the use of credit cards for shopping both in the case of online shopping and brick and mortar stores is very popular. However, there are plenty of people that live by the adage ‘cash is king.’ There are people who prefer using cash as their mode of payments. This may arise as personal preference as they consider using cash as the best way of paying for good and services. As such, such individuals rely on ATMs to withdraw their money from their accounts for daily spending. Consequently, this makes ATM usage quite popular.
Other still have had a negative experience while using credit card making purchases. As such, such individuals end up preferring the use of cash instead of credit cards. In order to access the cash they need to spend, they simply make use of ATMs. This also makes also makes ATMs popular despite the prevalent use of credit cards and online shopping. Also with the rise of Marijuana dispensaries the need for pot shop ATM’s is on the rise. This is especially true because of the Federally illegal status of marijuana making banking with most major banks not possible.
Another reason that ATMs are still popular is the need to use cash in certain places and for certain industries. There are plenty of businesses that do not accept credit cards, cash only. There are businesses that do not have credit card processing machines and, therefore, customers need to make payment in cash to purchase goods and services. In such situations, the best solution is to withdraw cash from ATMs.
In some cases, there are industries that the payment processing companies do not serve, thereby making the use of credit card untenable. For instance, payment processing companies typically shy away from serving the cannabis industry, the adult industry, the gambling industry, and other industries that are considered as risky industries. Consequently, businesses in these industries are typically forced to take payment in cash. Consequently, this has ensured that ATM machines are in use and popular.
In a nutshell, while there are many payment solutions that are competing with ATMs, there is still unique utility for ATMs which makes it very difficult to get rid of ATM entirely. They are still popular and will stay that way for quite some time.