ATMs are not likely to be fully replaced in the near future but are evolving into more advanced, full-service financial kiosks, while overall cash use is declining in favor of digital payment methods and mobile banking.
What is the difference between an ATM and an ITM? An ATM allows customers to perform a variety of tasks, from deposits to withdrawals, transfers, and much more. ITMs bring together all these services with a human touch. These machines have the option to connect you with a teller via video chat.
Cash advocates have been angry about the declining number of bank branches and ATMs, while many Australians have protested the move with cash out days. Some finance experts believe Australia is on track to become a cashless society within five years.
Contactless and cardless transactions are at the forefront of banking innovation. By the end of 2025, over a third of global ATMs will support mobile-based withdrawals. Enhanced Security: Reducing the need for physical touchpoints minimizes risks like card skimming and theft.
With the rise of digital wallets, peer-to-peer lending apps, robo-advisors, and blockchain-driven solutions, fintech is disrupting the way we interact with money. Some argue it's making banking more accessible and customer-friendly, while others believe it might never fully replace traditional institutions.
AI agents, stablecoins and the death of the physical bank branches are on the cards in the next 10 years, say industry experts. Blockchain-powered financial services. AI agents in charge of your money. And the end of physical money.
It's not fully safe to keep $500,000 in one bank because standard government deposit insurance (like the FDIC in the U.S. or FCS in Australia) typically covers only up to $250,000 per depositor, per institution, per ownership category; the excess over $250,000 is unprotected if the bank fails, so you should spread your funds across different banks or use different ownership structures (like joint or business accounts) to ensure full coverage, or explore cash management accounts.
The ATM Market Is Growing — Not Shrinking
According to industry data from Grand View Research, the global ATM market is projected to reach $31.6 billion by 2030, growing at a steady 3.6% CAGR. In the United States alone, the market is expanding at 4.6% CAGR through 2033.
Next-gen ATMs feature cash recycling technology, which allows them to accept, authenticate, and redistribute deposited cash. This reduces downtime, improves cash flow management, and minimizes operational costs for banks.
South Africa's top banks — Standard Bank, FNB, Absa, and Nedbank — are closing ATMs nationwide as more people move to digital banking. While banks cite reduced cash demand and rising digital adoption, critics warn the move could hurt rural and low-income communities that still rely on cash.
No, Australia will not be completely cashless by 2026, but new laws mandate that major supermarkets and petrol stations must accept cash for essential purchases (under $500, 7 am-9 pm) starting January 2026, preventing forced exclusion for many, while experts still predict Australia will become "functionally cashless" by 2030 due to ongoing digital trends.
Yes, Indigenous Australians can access specialized home loan programs, like those from Indigenous Business Australia (IBA), that often feature lower introductory interest rates, lower deposit requirements, and flexible terms to overcome barriers to mainstream lending, making homeownership more accessible, though claims of zero-interest loans are false. These subsidized rates and tailored conditions, like reduced Lender's Mortgage Insurance (LMI), are designed to support First Nations people, but eligibility and specific rates depend on income and circumstances.
Sweden is widely considered the country closest to being cashless, with a significant majority of transactions being digital, driven by mobile apps like Swish and high trust in digital infrastructure, though Norway, Finland, and South Korea are also leading the global shift. While some sources predicted Sweden would be fully cashless by 2025, the central bank is now pushing for cash protections, acknowledging its continued need for inclusivity, even as cash use falls below 5% in many top nations.
We have been issuing banknotes for over 300 years and make sure the banknotes we all use are of high quality. While the future demand for cash is uncertain, it is unlikely that cash will die out any time soon.
The RBI increased ATM withdrawal charges from ₹21 to ₹23 per transaction beyond the free limit, effective from May 1, 2025. This was the latest revision in ATM charges as banks were permitted to raise fees by ₹2 per transaction for withdrawals exceeding the monthly free usage quota.
If you've ever wondered whether ATM machines are profitable, the short answer is yes, often far more than most business owners expect. ATMs are not just cash dispensers; they're reliable profit engines that can increase foot traffic, enhance the customer experience and deliver steady, predictable income.
The Future Landscape of ATMs
Their primary role might shift from just cash withdrawals to becoming comprehensive self-service banking points, helping you manage various aspects of your finances. They will be a key part of a broader financial system that combines physical and digital services.
Pros of Neo Banks:
Lower fees or minimal fees for transactions, account maintenance, and other financial services. Neo banks offer higher interest rates compared to traditional banks. More convenient and accessible because of their online mode of operation. Fast and streamlined account opening.
How much money can you make owning ATMs? Ballpark net per machine is often $200 to $700 per month in steady locations after expenses and revenue share. Exceptional sites can beat that; weak sites underperform. Start conservatively and let real traffic guide expansion.
The change over the last five years is even starker, with 4478 – or 47 per cent – of the machines shut down in the past half-decade. In a further blow to Australians wanting to use cash and in-person banking services, 155 bank branches closed in 2024-25.
As physical cards, digital wallets and payments apps come to account for ever more of our transactions, some believe we will one day live in a cashless society. Indeed, Sweden is almost—for all intents and purposes—a digitized economy1.
Personal Savings in the U.S.
18 percent said their saving were at least $1000 but under $10,000, while 11 percent each had $10,000 to $49,999 and $50,000 or more saved up.
Yes, it is possible to retire comfortably on $500k. This amount allows an annual withdrawal of $30,000 or less from age 60 to 85, covering 25 years. If $20,000 a year, or $1,667 a month, meets your lifestyle needs, then $500k is enough for your retirement.
Examples of cash and cash equivalents that a millionaire or billionaire may hold include: