The ATM market has grown in more than half of 180 countries analyzed in RBR’s Global ATM Intelligence Service report. The number of ATMs has reached or surpassed pre-pandemic levels in these markets, according to a press release.
Overall, the number of ATMs installed worldwide fell by 2% in 2022 to 3 million, but this is a slowdown in decline from 2020. In addition, in the Middle East and Africa, there were more than 5,000 ATMs, with particularly high growth in Egypt.
Overall, RBR predicts there will be 2.9 million ATMs by 2028, due to branch closures and cashless. Asia-Pacific will see the largest number of ATMs removed during that period. However, many other markets will see ATM growth including Latin America and the Middle East Africa market, according to the release.
“While ATM usage is down on a global level, the decline is by no means universal, with a significant number of markets expected to continue growing,” Mandy Eagle, lead of the RBR’s research, said in the release. “There are segments of the population for which access to cash remains vital, and this is sustaining the demand for ATMs in many parts of the world.”Cashless Society