New research by RBR London shows that the number of cash withdrawals worldwide grew by 10% in 2015, the fastest rate since 2011.
The report shows that the number of cash withdrawals hit a staggering 99 billion in 2015, according to international research. Growth in Chinese ATM usage accelerated to 23%, which is likely to be due to the efforts by banks to migrate more transactions to self-service. China accounted for a staggering 24 billion withdrawals, which made up almost a quarter of the global total.
The report, named RBR’s Global ATM Market and Forecasts to 2021, shows that whilst ATM usage is stable or decreasing in some of the more mature markets, most continue to see an increase.
In the US, there has been an increase in surcharges, which had contributed to a decline in withdrawal volumes over a number of years, but transaction levels actually rose. In Spain, growth in the number of withdrawals rose 8% as the country’s economy has started to recover from a period of prolonged recession.
Financial inclusion is more than just being un-banked, it can be a significant limitation on an individual’s social and economic development. New technologies are attempting to help those who are financially excluded, but it seems like we still have a long way to go. With new innovation and emerging technologies on the rise, countries and businesses are using these as solutions to the problem and increasing omnichannel approaches to ensure everyone is targeted.
Virgin Money Giving and WorldPay have launched a new payment platform aimed to enhance the online process of donating.
The tech giant has struggled to scale its voice recognition payments app, and will now close the project on Feb 8.