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June 27 2017

The ATM Turns 50: Its “Effect On Everyday Life Can’t Be Understated”

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Sophie Guibaud, VP of European Expansion at Fidor Bank, said of the 50th anniversary of the ATM:

“Undoubtedly the ATM ushered in a new era in banking and its effect on everyday life can’t be understated. Today you can find an ATM in the farthest flung place in the world, with over three million machines dotted across the globe.”

“Now with the ATM turning fifty, it’s time we accepted a new reality that cash has reached its final days and the future is cashless, in more developed countries to start with.”

“There are simple reasons why we are moving to a cashless society, not just in the UK but across the world. The cost of physical paper and coin cash – handling it, securing it, insuring it – is huge for banks and merchants. It’s inconvenient for consumers, too, as it weighs down their pockets and can easily be stolen, leaving no trace which leads back to its rightful owner.”

“There are some issues that need to be addressed before we finally pull the plug on cash, – such as more efficient peer-to-peer payment services and digital point-of-sale systems that are available to retailers large and small, to name but a few.”

“However, while ATMs should be fondly remembered, thanks to today’s rapid technological advances, we’ll soon feel the same about those days when we carried cash around with us too.”

  1. EXCLUSIVE: “Passion Project” – Brice van de Walle, Mastercard in ‘The Fintech Magazine’

    The Fintech Magazine

     Read more
  2. FreedomPay Drives Global Merchant Innovation

    Event Videos

     Read more
  3. FIS Brings AI-Powered Advancements to Seamless, Personalized Digital Banking Experiences

    Fintech

     Read more
  4. Citi Ventures Invests in BVNK to Power the Next Generation of Financial Infrastructure

    Funding

     Read more
  5. Nearly Two-Thirds of Global Retailers Say Payment Method Flexibility Drives Revenue Growth, ACI Worldwide Survey Finds

    News

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