• K. Scott

Will ATM’s In The Future Be Cardless, Contactless, And Cashless?

Some Experts Think So,

One thing that Coronavirus will be remembered for once the Pandemic has passed is that it forced the banking industry to advance the development of technology that made it possible for consumers to have contactless, cardless and even cashless transactions.

The advancement of technology that we’ve seen in 2020 is also being branded as the ‘new normal’, and that’s okay, because the increased use of technology is making it possible for consumers to avoid contact with other consumers, or surfaces, and avoid the spread of Covid-19.

What To Expect After 2020

Even though Covid-19 has forced ATM operators to adopt the latest technology, the reality is that consumers were already utilizing advanced ways to access ATM’s in 2019.

Thanks to recent data from ATM marketplace, we know that cardless ATM withdrawals increased by close to 20% in 2019, as more banks adopted apps and made it possible for consumers to conduct banking transactions from their mobile phones.

As we move forward once the Pandemic ends, we can expect to see banks and ATM operators innovate including using QR and NFC card readers.

Recent data from the RBR Global ATM Market and Forecast to 2025, shows that the use of NFC readers increased by close to 85% in 2019. The increased use of NFC readers is only expected to continue as more countries like Canada, Ukraine, and Poland implement this technology at their ATM’s.

We can also expect to see an increase in the use of biometric authentication technology as well as some countries, including Spain, are investing heavily in biometric technology so that banking consumers in Spain can withdraw currency without having to physically touch ATM’s.

Contactless Transactions Will Be Part Of Daily Life After 2020

20 years ago, most internet users were still using dial-up connections and couldn’t imagine what high-speed internet would be like. 

Fast forward to 2020 and the average internet user can’t imagine using anything but a high-speed internet connection. 

In the ATM industry, the rapid advancement of technology is making it possible for everyone in the future to have contactless transactions and there will come a time when the ATM’s that we used before 2020, like dial up internet, will become a thing of the past.

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