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No-one – except perhaps Fairfax Media – is suggesting they will go totally out of business, but a new report suggests ATM use in Australian is declining significantly.The CommSec company has analysed Reserve Bank data to
find that ATM withdrawals dropped 6.4 percent in March. The company also found
that withdrawals had dropped by a record total of 7.2 percent in 2015.
“This is a significant annual decline and it highlights the trend towards
a cashless society,” CommSec chief economist Craig James told newswire
AAP. Innovations in technology, including PayPass and Paywave, had drastically
reduced the need for people to carry cash, he said
“This is a significant annual decline and it highlights the trend towards
a cashless society,” James said. “There are so many ways people
can transact these days and day by day we are seeing new ways to buy things
without needing cash, the latest technology being the digital wallet.”
