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.
Joe Zhao, Managing Partner at Millennia Capital, joined Cheddar to discuss the latest stock moves and how the market is being impacted by artificial intelligence.
Wall Street was quiet early following a lackluster session a day earlier as markets await U.S. inflation data and high-profile corporate earnings reports later in the week.
The World Economic Forum says false and misleading information supercharged with cutting-edge artificial intelligence is the top immediate risk to the global economy.
CES 2024 starts this week in Las Vegas. It's set to feature swaths of the latest advances and gadgets across personal tech, transportation, health care, sustainability and more. Here's a list of the coolest announcements so far.
Astronauts will have to wait until next year before flying to the moon and another few years before landing on it. NASA on Tuesday announced the latest round of delays in its Artemis moon-landing program.
The Biden administration has enacted a new labor rule that aims to prevent the misclassification of workers as independent contractors. The labor department rule going into effect Tuesday replaces a scrapped Trump-era standard that lowered the bar for classifying employees as contractors
The KC-46 was to be the ideal candidate for a fixed-price development program. Instead, it has cost Boeing billions, and made industry wary of such deals.
Dave Long, CEO and Co-Founder of Orangetheory Fitness joins Cheddar to chat trends in the industry for 2024. He updates us on the company's plans to expand and what the state of the economy has meant for business.
One of the world's largest renewable energy developers will be getting hundreds of wind turbines from General Electric spinoff GE Vernova as part of a record equipment order and long-term service deal.
