A man seen making a transaction at an ATM. (Photo by Murat Kocabas/SOPA Images/LightRocket via Getty Images)
Cash is becoming less relevant by the day as more people opt for digital payment methods resulting in a dip in ATM usage.
A study by research company Euromonitor International found that the number of available banking machines in the U.S. has dropped by more than 18,000 since 2019, a time when there was the highest number of them at any time in history.
The drop off is being linked directly to the gradual transition towards digital payment options, which accelerated during the COVID-19 pandemic.
"There was that scare that the virus was transmitted by paper, plus the trend of just buying everything online," said Kendrick Sands, consumer finance research manager at Euromonitor International, according to The Wall Street Journal.
The accessibility of digital payment platforms like Venmo, Cash App, and Zelle have also seemingly contributed to the decline in the use of cash. But for making small payments, the ATM Industry Association notes that cash is still the preferred method of payment on items that cost less than $25.
The decrease in ATM usage comes with its own set of issues, as large numbers of people still rely on cash. As fewer cash machines become available, access to funds for those groups will become more difficult.
Jamie Meyers, Senior Securities Analyst from Laffer Tengler Investments, discusses why he believes the rally will widen to small cap stocks and how the latest economic data is impacting his strategy.
From Nvidia to Microsoft, Gil Luria, D.A. Davidson senior research analyst, breaks down the Magnificent Seven, plus whether the Vision Pro can move the needle for Apple.
Suzy Batiz, founder and CEO of ~Pourri, discusses creating Poo-Pourri, building out multiple businesses, and why she believes any problem can be overcome.
Fresh off his unanimous appointment as interim CEO, Dax Dasilva shares his strategy for Lightspeed and why growth and profitability are his biggest focus.
Eddie Ghabour, co-founder and owner of KEY Advisors Wealth Management, explains why he’s investing in India, what could happen if inflation rises again, and the long-term ‘debt bubble’ looming.
The company behind Squishmallows says Build-A-Bear's new Skoosherz toys are a copy of their own plushies. Build-A-Bear filed their own suit basically responding, "No they're not!"
While tech employees worry about artificial intelligence taking over their jobs, Microsoft says Iran, North Korea, and more U.S. adversaries are beginning to use AI in cyber spying.
The self-proclaimed "only Post who worked at Kellogg" was a military veteran who fought in World War II before inventing everyone’s favorite fruit-filled breakfast ravioli.
