ATM Statistics By Usage, Bitcoin ATM, Demographics, Transactions and Facts

Introduction

ATM Statistics: Automated Teller Machines, which are also called ATMs, have presently become the easiest and most comfortable way to withdraw cash or deposit cash and make quick cash transactions. It helps in saving you from the trouble of visiting the bank all the time. These ATMs are now available almost everywhere, from airports to highways, shopping malls, railway stations, bus stands, market areas, etc.

Over the years, events of ATM fraud have also grown. ATM fraud is a fraudulent action of getting illegal entry to someone’s ATM card and PIN to take out cash from their account. Customers can use ATMs to handle tasks like depositing cash, withdrawing cash, paying bills, and making money transfers. ATMs provide access to bank services all day, every day. We shall dig into many more ATM Statistics in the article below.

Editor’s Choice

• In the US, 43% of people prefer to use ATMs for everyday banking, and 70% of Gen Z and millennial users choose ATMs for quick cash.
• ATM Statistics stated that almost 43% of Americans prefer using ATMs for regular banking tasks.
• The global ATM market is projected to grow to $25.05 billion by 2027.
• Each ATM is used about eight times a day on average.
• ATMs in the US dispense approximately $600 billion in cash each month.
• 90% of bank customers use ATMs to withdraw cash.
• A typical ATM transaction takes around 45 seconds to finish.
• Only 10% of ATM transactions are for non-cash services, like checking account balances.
• In Mexico, most ATMs are located at bank branches, airports, and shopping malls, and in Saudi Arabia, 80% of ATMs are operated by banks.
• ATM fraud results in losses of $15 million to $20 million each year.
• ATM Statistics stated that nearly 70% of Gen Z and millennial users choose ATMs for quick cash access.
• The busiest day for ATM transactions is the Friday before Christmas.
• ATMs are used more often in lower-income neighborhoods than in wealthier ones.
• 71% of consumers believe that the convenience of ATMs outweighs security concerns.
• About 30% of ATM transactions take place during non-banking hours.

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What is an ATM?

An automated teller machine (ATM) is an electronic banking tool that lets customers do primary transactions without needing help from a bank employee. Most ATMs allow anyone with a credit or debit card to withdraw cash, whether they are in the US or other countries.

ATMs are handy for quick self-service tasks like making deposits, withdrawing cash, paying bills, and transferring money between accounts.

Banks usually charge fees for cash withdrawals. These fees can come from the bank where the account is held, the ATM operator, or both. You can avoid some of these fees by using an ATM that your bank operates. Using an ATM abroad can be more expensive than using one in the US because of exchange rates or extra transaction fees.

ATM Design Elements

Every ATM may look different, but they all have the same basic parts:

• Card reader: This reads the chip on the front of the magnetic stripe on the back of your card.
• Keypad: You use the keypad to enter information such as your personal identification number (PIN), the type of transaction you want, and the amount of money.
• Cash dispenser: This dispenser gives out cash through a slot connected to a safe inside the machine.
• Printer: If you want, you can get a receipt that prints out from the ATM. This receipt shows the type of transaction, the amount of money, and your current account balance.
• Screen: The ATM displays prompts to guide you through the transaction and information about your accounts and their balances.

General ATM Statistics

• ATM Customers Spend More: People who use ATMs spend 20-25% more in convenience stores.
• Frequent Users: About 40% of ATM users visit an ATM 8-10 times each month.
• High Traffic: Each ATM is used around 300 times a month.
• Popular Withdrawals: Among Americans aged 25-34, 60% take out $40 about 8-10 times a month. For those aged 35-49, it’s 51%.
• Many Transactions: Over 10 billion transactions are made at ATMs in the US every year.
• Rapid Growth: According to Wall Street, the ATM industry is expected to grow tenfold in the next 4 years.
• Employee Benefits: ATMs provide safety and convenience for workers.
• Average 24-Hour Convenience Stores: Handle about 3,000 transactions a month.
• Lowest 24-Hour Convenience Stores: Have around 1,100 transactions monthly.
• Best 24-Hour Convenience Stores: Process about 6,400 transactions each month.

India ATM Statistics

(Source: thehindubusinessline.com)

• The above chart shows the number of off-site ATMs in India that will be built by 2024.
• Data from the Reserve Bank of India indicates that the number of ATMs in the country has been increasing very slowly since 2017.
• As of February 2024, there are 219,000 ATMs run by Indian banks.

(Reference: thehindubusinessline.com)

• This is just an 11% rise from February 2016, when there were 197,000 ATMs, including those inside and outside bank branches.

(Reference: thehindubusinessline.com)

• The above chart shows the number of off-site ATMs that many big banks reduced between 2016 and 2024.

• A closer look at the numbers shows that the number of off-site ATMs has been going down since 2022.
• In February 2024, there were 92,000 off-site ATMs in India, which is down from 95,000 in February 2023 and the same as in February 2022.
• Among the ten largest banks in India, Axis Bank, ICICI Bank, Union Bank, Indian Overseas Bank, and Bank of Baroda have all seen a drop in their off-site ATMs.

ATM Usage Statistics

• The global ATM market is expected to reach $25.05 billion by 2027.
• In Spain, the number of ATMs dropped by 13% from 2022 to 2023.
• ATM Statistics stated that China had over 1.1 million ATMs, and the Philippines had 23,280 ATMs by 2020.
• ATM fraud leads to losses of between $15 million and $20 million each year, with a 43% increase in fraud cases reported in 2020.
• Despite these security issues, 71% of people feel that the convenience of ATMs is more important than concerns about safety.
• In Japan, more than 90% of ATMs have biometric technology for extra security.
• In the US, 43% of people prefer to use ATMs for everyday banking, and 70% of Gen Z and millennial users choose ATMs for quick cash.
• The busiest day for ATM transactions is the Friday before Christmas, according to ATM Statistics.
• The above chart shows India’s Debit Card and ATM Usage statistics for 2023 and 2024.
• In India, ATM transactions increased by 17% in 2020 compared to the previous year, while the UK has seen a steady drop in ATM usage.
• In Brazil, over 60% of adults use ATMs for cash withdrawals at least once a month.
• The first ATM was installed in 1967 at a Barclays Bank branch in London. About 60% of ATMs in the US are not owned by banks and can be found in places like convenience stores and casinos.
• In Mexico, most ATMs are located at bank branches, airports, and shopping malls, and in Saudi Arabia, 80% of ATMs are operated by banks.

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Bitcoin ATM Industry Statistics

(Reference: coinatmradar.com)

• The above chart shows the growth of crypto ATM installations between 2014 and 2024.
• The worldwide market for crypto ATMs was estimated at $182.1 million in 2023 and is expected to grow by 63.4% each year from 2024 to 2030.
• This increase is mainly due to the increasing interest in digital currencies, especially among those who do not use regular banking services and prefer cash transactions.

(Reference: coinatmradar.com)

• The above chart shows the number of net changes in the number of crypto ATMs from 2014 to 2024.
• More businesses are starting to accept cryptocurrency as a payment method, and crypto ATMs are appearing in major cities everywhere.
• As of July 2024, there are about 38,500 crypto ATMs around the world.
• Owners can now exchange cryptocurrency for cash in 70 different countries, as per ATM Statistics.

(Reference: coinatmradar.com)

• Currently, there are almost 460 crypto ATM operations, from almost 505 at the start of 2024.
• ATM Statistics stated that the top ten ATM operators run 27,818 machines, which is 72.3% of all crypto ATMs.
• ATM Statistics stated that the other 437 operators manage 10,682 ATMs, making up 27.7%.

(Reference: coinatmradar.com)

• Bitcoin Depot leads the market with a 19.8% share, operating 7,615 machines.
• Los Angeles has the highest number of Bitcoin ATMs in the US, with a total of 1,657 machines.
• Other cities with a lot of Bitcoin ATMs are:

#1. Houston: 1,335

#2. Chicago: 1,115

#3. Dallas: 1,036

#4. Atlanta: 842

ATM Demographics Statistics

• On average, US consumers use ATMs 3.8 times each month to withdraw cash, 2.5 times to deposit cash, and 2.2 times to deposit checks.
• Men visit ATMs more often than women for all types of transactions, as per ATM Statistics.
• The biggest difference is in cash withdrawals: Men use ATMs 4.7 times a month, while women use them 3.8 times.

(Reference: researchgate.com)

• ATM use drops significantly with age.
• Young people aged 18-34 use ATMs the most for cash, averaging 5.8 times a month.
• In comparison, older adults aged 55 and overuse ATMs for cash only 2.1 times a month.
• Additionally, 28% of US consumers use ATMs to check their account statements, and 27% use them to pay bills.

ATM Transaction Characteristics

• On average, an ATM is used 8 times each day. In the US, ATMs dispense about $600 billion in cash every month.
• Around 90% of bank customers use ATMs to withdraw cash. A transaction at an ATM takes about 45 seconds to complete.
• Only 10% of ATM activities are for non-cash services, like checking account balances.
• ATMs are used more often in lower-income neighborhoods than in wealthier ones.

(Source: zionmarketresearch.com)

• About 30% of transactions happen outside regular banking hours, with the busiest time for ATM use being between 11 a.m. and 1 p.m.
• Roughly 75% of people withdraw cash from ATMs at least once a month.
• The average cash withdrawal from an ATM in a casino is over $300.
• Half of all ATM transactions are made by customers who do not bank with the ATM’s owner.
• Using an out-of-network ATM costs about $4.64 on average. According to ATM Statistics, people in South Korea make about 6.5 ATM cash withdrawals each year.
• Approximately 40% of US ATM transactions occur at ATMs located in bank branches.
• In Australia, ATMs dispense over $700 billion in cash each year, as stated in ATM Statistics.
• Banks spend about $2.20 to process each cash withdrawal at an ATM. The average fee for using an out-of-network ATM in the US is $3.09.
• In Nigeria, more than 70% of ATM transactions are for cash withdrawals. In Germany, the average cash withdrawal per transaction is €128, while in Canada.

Pros and Cons of ATM

• Advantages of ATMs

#1. 24/7 Availability

ATMs are open all day and night, allowing you to access banking services whenever you need to, which is helpful for urgent cash withdrawals.

#2. Global Access and Convenience

You can use ATMs all over the world to perform various financial tasks easily, making banking more convenient and improving your overall experience.

#3. Reduced Bank Queues

Using ATMs instead of visiting a bank helps decrease crowds, leading to shorter wait times and letting bank staff focus on more complicated customer needs.

#4. Quick Transactions

ATMs allow for fast and simple transactions, such as cash withdrawals and balance checks. This streamlines your banking experience since you can handle basic tasks without talking to a bank representative.

#5. Range of Services

ATMs can do more than just dispense cash; you can also use them for deposits, money transfers, bill payments, mobile top-ups, and mini statements.

#6. Promoting Financial Literacy

Using ATMs encourages you to manage your transactions independently, helping you improve your money management skills and take control of your finances.

#7. Cardless Withdrawals

Some ATMs let you withdraw cash without a physical card using UPI, making banking easier and lowering the risk of losing your card.

• Disadvantages of ATMs

#1. Transaction Fees

Using ATMs may involve fees, especially if they aren’t linked to your bank or if you exceed the number of free withdrawals. These costs can add up over time.

#2. Security and Fraud Risks

ATMs can be targets for fraud, including scams and skimming devices. It’s important to stay alert to protect your financial information.

#3. Technical Problems

ATMs can face issues like malfunctions or network problems, which might prevent you from getting cash when you need it.

#4. Limited Cash Access

ATMs have daily withdrawal limits and might run out of cash during busy periods, which can be challenging in emergencies when you need more money.

#5. Lack of Personalized Service

ATMs don’t provide the personal help that bank employees can, making it hard to deal with complex banking issues.

#6. Limited Services

While ATMs offer various functions, they may not have everything you need, requiring you to go to a bank for certain transactions like cash deposits.

#7. Fewer ATMs in Rural Areas

Rural areas often have fewer ATMs, reflecting weaker banking infrastructure. This limited access can make it harder for people to manage their finances effectively.

Conclusion

As technology improves, customers expect companies to adopt innovations. The financial services industry is currently experiencing a shift. Banks that plan to reopen or close their physical branches are trying to mix digital tools with in-person banking to improve the customer experience.

They are introducing new options like virtual bank tellers, upgraded ATMs, and smartphone apps to attract customers back to their improved branches creatively. Recent data shows that cash will still play a significant role in the marketplace. Cash remains a popular choice for small transactions because it’s easy to use and widely accepted, especially among different age groups.

This is especially true in developing and underdeveloped countries, where many people do not have bank accounts. As a result, cash transactions will not disappear anytime soon. These ATM Statistics suggest that ATMs will continue to be important in the payment market.