Demand for Cash Is Still Strong

July 18, 2016

You may have heard people recently prophesying the "death of cash". In an era when credit cards are getting easier to use and online payment options are even accepted in some brick-and-mortar stores, it's tempting to think that cash may soon be going the way of the dodo. Tempting — but inaccurate.

This may surprise you, but people have been convinced that cash is becoming obsolete for decades — still, it's not gone yet and it doesn't look like it's going anywhere soon. Physical money has been with us for thousands of years, and we aren't ready to let go of it.

Despite all the advances in money-related technology, cash remains the only currency that is reliable, widely accepted, easy to use and anonymous. One recent study showed that approximately half or more of transactions in seven major countries (including Australia) are being conducted using cash — perhaps as high as 82%, according to the BBC article. In Australia, the number of ATMs is still following an upward trajectory every year.

Obviously, cash is in no danger of disappearing. But even if it becomes endangered in the future, it's also important to remember that cash is no longer an ATM's only purpose. ATM manufacturers all over the world are improving their machines with value-added features like cardless withdrawals, envelope-free deposits and the ability to change your PIN at the ATM.

The message is clear: the ATM has become a staple of retail banking and it isn't going anywhere.

Want to learn more about the benefits your ATM has on your business? Contact your DC Payments representative by email or by phone at 1300 305 600.

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