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.
Elizabeth Renter, Senior Economist at NerdWallet, breaks down how inflation and oil price shocks are driving higher costs and squeezing consumers today.
David Branch of Wells Fargo explains why cocoa prices are falling but some candy costs remain high and when consumers may finally see relief at checkout.
Colonel Chris Hadfield, astronaut and best-selling author, breaks down Artemis II and why NASA’s next crewed mission is key to returning humans to the Moon.
Ben Geman, Energy Reporter at Axios, explains how the Iran war could reshape global energy—disrupting supply, shifting power, and accelerating a new regime.
Emily Peck, National Correspondent at Axios, explains why office vacancies hit 21% despite RTO pushes, highlighting a lasting shift in how Americans work.
Tobias Bauer, CEO & President of Rolling Stock at Siemens Mobility North America, shares insights on a $220M investment reshaping U.S. rail infrastructure.
