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ATMs Losing Significance in a Growing Cashless Economy
August 18, 2017
As many as 700 MoneySpot outlets- white label money dispensing outlets that were once in huge demand- have simply disappeared with time. While the total number of ATMs in India doubled in 2012 to 1 lakh and then again 2 lakhs in 2015, thus indicating popularity and demand, the total number of ATM transactions have declined to 660 million a month from 750 million after the note-ban. Moreover, out of 8 top white label ATM providers, only 3 have a reasonable volume of machines (around 10k). So, as online payments and mobile wallets are slowly becoming the norm, it’s likely that will be even fewer ATMs in the near future.
