26 February 2024

Are You Offering Digital Payment Options for Your Customers?

By Ronald Smith

Did you know that an astonishing 3,600 ATMs shut down every year? It’s true, according to a recent report. With this significant decline in cash machines, it’s essential for businesses to provide alternative payment methods to meet the changing needs of their customers.

But why is this happening? Well, people’s preferences are changing. We live in a world where technology is advancing rapidly, and digital forms of payment are becoming more prevalent. With the convenience of smartphones and online banking, fewer individuals rely on physical cash or ATMs.

So, how can you keep up with this shift in consumer behavior? The answer lies in embracing digital payment solutions. By offering your customers options like mobile payment apps, online transfers, or contactless card payments, you can meet their needs and keep up with the times.

Imagine the convenience for your customers. No more searching for a nearby ATM or worrying about having enough cash on hand. They can make secure transactions with just a few taps on their phone or a quick swipe of their card.

Not only does this provide convenience, but it also opens up new opportunities for your business. With digital payment systems, you can reach a wider audience, including those who prefer cashless transactions. This can help you attract more customers and increase your revenue.

So, what are you waiting for? Don’t let your business fall behind. Take advantage of the digital age and provide digital payment options for your customers. Trust me, they’ll appreciate the convenience, and your business will thrive in this changing landscape.

Are You Offering Digital Payment Options for Your Customers?

Did you know that the first ATM, or automated teller machine, came into existence on June 27, 1967? It started dishing out cash at a Barclays bank in north London. That’s pretty cool, right?

A Trend of ATMs Shutting Down

But guess what? ATMs, along with bank branches, are on the path to extinction. A new study by Expert Market has revealed that in less than 25 years, both ATMs and bank branches will be gone.

According to the report, the number of ATMs has been decreasing since 2017, with 3,600 disappearing each year. So, by 2037, these machines will be a thing of the past in the UK. Bank branches will hold on for a bit longer, surviving for another four years, but by 2041, you won’t be able to find them either.

Even though the study was done in the UK, something big is happening worldwide: people are using cash less and less. And it’s not just consumers – even businesses are getting on board. Many small local shops are choosing to only accept cards or not accept cash at all.

Jared Keleher from Expert Market shared his thoughts on this global trend in an email. He said, If we keep moving towards a cashless society like this, it’s really important for all of us to adapt. Cash might become rare and eventually disappear completely. So, it’s crucial for people to start using online banking as soon as they can, and businesses should make sure they have card machines in every store.

As a business, I understand how important it is to keep up with the needs of my customers. That’s why I must make sure I offer a variety of payment options to meet their preferences. Alongside credit and debit cards, it’s crucial for me to embrace the full range of digital payment solutions.

Here’s What I Learned

I recently came across a fascinating finding from Expert Market: ATMs may vanish in just 19 years, followed closely by bank branches just four years later.

The report also revealed that there were 14.3 billion card payments made in 2016. Incredibly, this number is projected to increase to 21.9 billion by 2026. Meanwhile, cash payments are expected to decline by 43%, reaching only 8.7 billion in 2026.

I want to talk to you about something interesting I read in a research report. It might not apply to everywhere in the world, but in many developed countries, the use of ATMs and bank branches is slowly declining. In big cities, it’s becoming less common for people to use cash for long periods of time.

But Cash is Still Important Everywhere

Have you ever heard the saying Cash is King? Well, it’s still true for most of the world. While some countries, like China, are moving towards digital payments and some Scandinavian countries are even going cashless, the United States still heavily relies on cash.

I read an interesting report called Cash Holds Firm Against Rising Digital Dollar, March 2018 on Pymnts.com. It shared some important findings from their Global Cash Index: US Edition. One of the main takeaways was that cash is still the most popular way to pay in the country.

In reality, the report tells me that people in the United States are deciding to use cash instead of debit or credit cards for their everyday purchases. Can you believe it?

Now, whether cash, ATMs, and bank branches disappear will mostly depend on where you live. It’s a bit mysterious, isn’t it? We know it will happen eventually, but the big question is when. Got any guesses?