Where Is the ATM Industry Heading In 2020? Here Are the Top ATM Trends You Can’t Ignore
Are you searching for information on the latest ATM industry Trends? If so, you come to the right place!
This article will break down some of the most exciting trends that the payment industry can expect to see in 2020 and beyond.
Tap And Go Will Become A New Payment Preference For Everyone
Over the last several years, tap-and-go has been a favorite payment method of choice in Australia, the UK, and Canada. With a tap and go, a user has the ability to make a payment with their debit card without entering a pin or signature for payments under $100.
How does it work? This technology utilizes “near-field communication”. It’s similar to Apple Pay and most mobile wallet technology on the market today. When you tap your card to a card reader, your card will send a “token” to the reader to complete the purchase.
Tap and go technology eliminates the need to swipe cards or insert the chip into a card reader. This method may ultimately be a safer way to pay in the years to come because it will make it harder for scammers to steal banking information since no swiping of the card is required.
There’s no doubt that tap and go has been a game-changer in the payment industry in other countries so far and it’s likely to make a big splash in the United States when it becomes available here.
Besides being an innovative technology that’s sure to help businesses grow, tap and go technology is also available at select ATMs around the world. Today’s ATM’s that feature a tap and go technology enables consumers to use their phones or a variety of biometric options to remove cash from an ATM.
Cash Use Is Expected To Decline Globally
The next big trend that we can expect to see in 2020 is a gradual decline in the use of cash around the world. This has been a long time coming as there are more people who advocate cashless transactions than ever before, especially for purchases under $100.
Even though the world financial markets are not the same as they were 5 years ago where the demand for cash was high, in 2020 most consumers still prefer to have at least some cash in their wallets as well as a wide variety of other payment options including credit cards, debit cards, Apple pay, Bitcoin and any other way that they can conduct a payment transaction.
EMV At The Pump Still Isn’t Available Everywhere, Yet
Another trend that we can expect to see occurring in 2020 is the growth of EMV usage at the pump.
EMV technology, or the “chip card” as it's also known, has taken a long time for service stations around the world to upgrade their payment processors at their pumps because of fraud which can occur at service pumps.
Sadly, scammers are well known for committing fraud at the pump including installing pin cameras, and a wide variety of other high-tech tools to scam that card information from people who pay at the pump.
Even though EMV at the pump usage has taken some time to grow, the reality is that one day this technology will be available at gas stations everywhere because it’s a safe way for consumers to pay.
The Next Windows Operating Upgrade Is Coming For ATM Owners
ATM owners around the world often take a long time to update the operating systems of their machines. This is a well-known fact since most ATM owners only just recently updated their Windows-based ATMs from Microsoft Windows XP and Windows 7 to Windows 10.
Sadly, those business owners who just recently updated their ATMs from Windows 7 to Windows 10 will be in for a shock because Microsoft just recently announced that they will be “sunsetting” Windows 10 in the near future. This means that the ATM business owner who recently updated their machine to Windows 10 will once again have to update their ATMs to the next Microsoft OS within the coming year.
Having to update their ATM machines to another version of Windows may be too much for some ATM business owners to bear and it quite possibly could force them to move to use ATM’s that don’t have a Windows-based operating system.
In spite of the trends and changes that we may see in 2020, this year is expected to continue to be a very stable year for the ATM industry overall.