What Next For The Old ATM?

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Is there still room for the lowly old ATM in a world of electronic banking?

The Atlantic CITYLAB probes this pressing question:

This would seem a bad time to be in the ATM business. Every week brings pronouncements of some new digital payments system.

Apple, most notably, launched Apple Pay late last year. Samsung debuted its own payments systems in March. Google is rolling out Google Wallet (again) and is supposedly also releasing Android Pay for mobile. Facebook will soon allow Americans to send each other money. And a newfangled service called Venmo is popular with young Americans these days (who appear to use it primarily to pay for beer and pizza, and the occasional drug deal).

The many challengers to cash—checks, debit cards, credit cards, and so forth—are used mostly for high-value transactions. Small sums, which make up the majority of all payments in the United States and globally, are still ruled by cash. After all, nobody writes out a check for a sandwich. And in many places around the world, using a card for small payments incurs additional fees.

To read the entire CITYLAB story, click here.


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