Soon there will be no difference from an ATM to a terminal
Each of us knows the differences between an ATM and a terminal. The first device is designed to receive money, and the second – to make payments. And while they exist separately, it is absolutely unprofitable for banks and inconvenient for customers. Experts predict that very soon financial institutions around the world will erase the line between these devices, and the differences will disappear. Outdated ATMs will give way to universal counterparts, with which you can both receive money and deposit.
ATM differences from the terminal should go down in history
Experts note that ATMs are already losing their identity, and the Russians are gradually no longer using them solely as a means to get cash. According to analysts of the bank “Russian Standard”, the number of operations to deposit money on debit or credit cards exceeded the number of operations to remove them 4.5 times.
In general, the Russians have become much less likely to withdraw money. All the same “Russian Standard” announced a drop in the number of banking operations of this kind by 20%. Experts are confident that the residents of our country have ceased to perceive ATMs exclusively as a tool for receiving cash. In many cases, these devices are used as terminals.
If we exclude the actual replenishment of cards and withdrawals, 55% of financial transactions carried out by residents of our country account for the replenishment of a mobile account. Another 35% is allocated for payment of housing and communal services. Russians appreciated the convenience of payments using devices, and are now increasingly using them.
What’s next? There are only two options that will develop in parallel. The first is a general decrease in the number of ATMs and their replacement with payment terminals. The number of cash withdrawal operations will decrease, and hence the need for such devices will decrease. By reducing the number of ATMs, banks will be able to significantly save on electricity and maintenance.
The second way is to install devices with a double function. They can both accept cash and issue it. Many banks are already on this path. For example, Maxim Dareshin, head of Alfa Bank’s self-service systems department, noted that a financial institution buys only ATMs with a dual function. The expert noted that the number of ATMs aimed only at issuing funds from Alfa-Bank significantly decreased. And in the departments, they have long been replaced by multi-functional ones.
Modern technologies make cash less and less popular. Of course, in our country, the cashless payment system is not yet so developed, so that you can pay for any services. Nevertheless, the financial industry offers many “buns”, through which they attract users. This convenience fintech services, cashback, great functionality. Add here the fact that most of the suppliers of goods and services either completely went online or opened up the possibility of online purchases and orders. Therefore, people more often replenish their accounts than cash out. Hence the logical conclusion that there are no longer any sense in so many non-functional ATMs. And soon they will replace devices capable of both issuing and accepting cash.