Unlike many people’s predictions and desires, the end of cash is not near. A recent study looking at the global ATM market has found that cash withdrawals are set to grow in the coming years.
BRB London’s “Global ATM Market and Forecasts to 2017” study found that the number of cash withdrawals will grow at 7% per year, from now until 2017.
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Growth in ATM usage will be particularly high in Eastern Europe, the Middle East, the Asia-Pacific region and Africa. In these countries, the increase in ATM usage will outpace the increase in the installation of ATMs. The fastest growing market in the Middle East and Africa is Iran, while China and India top the charts for the Asia-Pacific region.
The report noted that most countries in these four regions do not have a widespread network of ATMs. The development of the industry could lead to a much greater increase in the use of cash machines in the coming years.
However, it must be noted that in regions such as Africa, cash might simply be bypassed in favour of much more convenient and safe payment methods such as mobile payments.
To download the report click here.
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