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Soaring cash withdrawals in Asia

Categories : Cash is universal
November 18, 2016
Tags : Asia, ATM, ATM forecasting, Europe, Money, Unbanked
ATM withdrawals have grown 50% since 2011 while in Europe growth has remained stable at 8%.
Communication Team / Equipo de Comunicación

The ATM specialist consulting firm, RBR, has found that ATM withdrawals in Asia-Pacific have grown 50% since 2011. This is in large part due to many of the region’s economies being cash-intensive, but it is also a result of a growing number of previously unbanked people opening bank accounts.

The Philippines, Vietnam, India and Indonesia have all experienced a 15% surge of ATM use in 2015 alone, and India is by far the region’s biggest user of ATMs. In fact, each single ATM in India is used up to 5,000 times a month. The intensity of the usage has pushed the Indian government to call for more ATMs, encouraging new companies to enter the market.

ATM use in Europe has also grown, but to a lesser extent – 8% since 2011 (20 European markets are part of the study). These figures are mainly due to Europe’s greater adoption of non-cash payment methods.

Although European growth per country is generally flat or falling, economic instability has resulted in a growing number of withdrawals, particularly in Greece, Italy and Ukraine. Robert Chaundy, who ran the RBR study, stated that economic uncertainty is a major factor of growing ATM usage in Europe but that, regardless, demand for cash remains strong, and will continue to grow, particularly in Asian markets. “The key challenge for banks [in Asia] is getting enough ATMs installed to deliver cash to their customers,” he concludes.

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