bernard
THEE Realist
The slow move toward a cashless society is helping to send the ubiquitous ATM into decline around the U.S., presenting challenges for those who still largely rely on cash.
After peaking at 470,000 ATMs in the U.S. in 2019, the number of machines has declined annually over the past few years to 451,500 at the end of 2022, according to data tracked by research firm Euromonitor International. The reason: Many people quit using cash during the pandemic and haven’t gone back, said Kendrick Sands, consumer finance research manager for the London-based firm.
“There was that scare that the virus was transmitted by paper, plus the trend of just buying everything online,” said Mr. Sands, who is based in Chicago. “That dealt almost a death blow to cash, especially for younger people.”
After peaking at 470,000 ATMs in the U.S. in 2019, the number of machines has declined annually over the past few years to 451,500 at the end of 2022, according to data tracked by research firm Euromonitor International. The reason: Many people quit using cash during the pandemic and haven’t gone back, said Kendrick Sands, consumer finance research manager for the London-based firm.
“There was that scare that the virus was transmitted by paper, plus the trend of just buying everything online,” said Mr. Sands, who is based in Chicago. “That dealt almost a death blow to cash, especially for younger people.”
The Number of ATMs Has Declined as People Rely Less on Cash
The pandemic drove a surge in digital payments for many, but those who depend on cash are feeling the crunch.
www.wsj.com