The number of ATMs around the world has dropped for the first time last year as the popularity of mobile payments continues to surge, according to a new research report.
According to a report by London-based Retail Banking Research (RBR), the ATM numbers have declined in four of the five largest markets last year.
The findings are part of RBR’s report Global ATM Market and Forecasts to 2024. Additionally, the RBR Global ATM report stated that ATM installations fell by 1% worldwide in 2018.
RBR Global ATM report: Details
Most of the world’s ATMs are concentrated in five countries- the US, China, Japan, Brazil and India.
The first four countries witnessed a drop in ATM count, while in India the growth rate decelerated significantly.
The report cited different reasons for the drop in ATM numbers in the four countries.
In the US, branch closures contributed to fewer bank ATMs. On the other hand, increasing adoption of non-cash payments led to the rapid drop in teller machines in China.
In Japan, various banks opted for shared ATMs to increase operational efficiency, while in Brazil increasing use of digital channels led to the drop.
However, the report also stated that number of ATMs has increased in several other countries.
It includes developing markets across Asia-Pacific, the Middle East and Africa and Latin America.
If the overall trend continues, the global ATM count will drop from 3.24 million in 2018 to 3.22 million in 2024.