Cardtronics, the world’s largest ATM operator, considers virtual currencies among the major risks to their business, as stated in its latest 10-K annual report.
According to the report the company filed with the US Securities and Exchange Commission (SEC), consumer behavior analysis shows a significant shift in preferable payment methods. More customers now choose electronic forms of payment over traditional physical banknotes.
“The continued growth in electronic payment methods, such as mobile phone payments or contactless payments, could result in a reduced need for cash in the marketplace and ultimately, a decline in the usage of ATMs,” the company claimed.
In addition to the payment methods above, Cardtronics emphasized virtual currencies such as Bitcoin, as possible causes for the general population’s reduced demand for cash. All these factors combined would affect transaction volumes in a negative way, the company believes.
With the rapid development of new contactless payment methods and increased usage of digital methods of paying in daily life, the move away from cash seems expected.
In October 2017, Sweden expressed its willingness to become a cashless society. Already, 900 of Sweden’s 1,600 bank branches no longer store cash, and do not accept cash deposits.
Prior to Sweden, the Chamber of Commerce of Denmark proposed allowing most retailers to legally refuse cash payments from clients. Nearly one third of Danes prefer the cellphone app MobilePay to conduct monetary transactions, according to the Ideals news site.
At the same time, Hyosung, one of the leading manufacturers of ATMs in Asia headquartered in Texas, integrated Bitcoin into its international ATM models, allowing millions of users to withdraw and deposit cash to sell or buy Bitcoin.