ATM use falling, electronic banking, spending rising

ATMs were once the peak of banking technology, but now, they could be going the way of the dodo and the dinosaur.

The Reserve Bank of Australia claims cash withdrawals are steadily declining by nearly 10 per cent every year.

Machines are already being taken out of service as Australians move away from cash in favour of paying by card, phone, and online banking.

Nine Finance Editor Ross Greenwood told A Current Affair it was the end of an era for cash lovers.

“They’re going to decline rapidly, simply because we’re not going to banks, we’re not going to ATMs, we’re using cashless,” he said.

The RBA said cash customers tended to be older, poorer and with lower levels of education.

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Source: ATM use falling, electronic banking, spending rising – latest news Australia