Global ATM Market Is Expected to Grow To $44.18 Billion By 2027
The ATM market has always been stable and predictable worldwide since ATMs (automatic teller machines) were first introduced in the 1970s but the use of ATMs is expected to grow as more consumers use ATMs for fast, easy access to their cash. The global ATM market is expected to bring in over $20 billion this year and $44.18 billion by 2027 alone. This is huge news because it shows that ATMs will continue to be in demand even in a world where many consumers prefer not to carry cash, or make payments with their debit cards alone.
Will Corona Virus Impact the Growth of The ATM Market? Since coronavirus has begun to spread around the world, many people have wondered if cash or paper currency as a whole is one of the things that’s responsible for spreading the virus? The answer to this question is no, touching paper currency is no more harmful than touching a doorknob, but that shouldn’t stop consumers from taking precautions to protect themselves in a world that’s been rocked by COVID-19. Overall, ATM owners can expect coronavirus to lead more consumers to use their machines because an ATM enables a consumer to access their cash without having to walk into a bank and interact with other people. ATM Machines Continue Changing with The Times
Unlike the cash dispensing machines that ATM’s were in the 1970s, today’s ATM’s offer so much more, especially when they are connected to the internet. Modern ATMs can report their maintenance issues, report fraudulent activities and digital ads and more. Many of today’s ATM’s are also being equipped with solar panels so that they can essentially power themselves while reducing the energy costs for the locations where they are placed.
It’s also not been uncommon for developing countries in the world to use ATMs for their banking needs including dispensing coins, ingots, and gold bars. Besides dispensing traditional currency, Bitcoin ATM’s are also becoming more common in the world. These ATMs enable consumers to insert cash and have their bitcoins sent directly to their digital wallets. The average fee for a Bitcoin ATM is between 5-10% and the good news is that payments are instant and private since the average ATM doesn’t require any personal information. Now Is the Right Time to Invest in ATM’s If you’ve been thinking about investing in ATMs for your business, now is the right time to make your move because there is more than one style of ATM to choose from including off-site and on-site ATMs.
ATM’s are also affordable to buy; the average machine can range from $2,000 to $20,000 depending on if it’s a new or used machine and if it’s placed in a wall or not.
The cost to run an ATM every week can vary per the location but a conservative estimate is $2,000 to $3,000 per week, per location. ATMs make money per transaction and with newer machines, owners can run digital advertisements for local businesses and earn even more money from their ATMs.