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What's the future of the ATM industry?

Time: 2020-05-12

Consumers are paying less frequently with cash and credit cards but still want to see more ATMs deployed, according to the sixth edition of the ATM Future Trends report, which is now available.

ATMs will become the banks of the future as more branches close, said Bill Versen, chief product officer at Transaction Network Services, in the report. He believes ATMs will adopt biometric identifiers like fingerprint and facial recognition to enable cardless usage. They'll also include "services as diverse as applying for loans, buying lottery tickets and dispensing foreign currency," he said.

Others, like Octavio Marquez, senior vice president and managing director of banking Americas, at Diebold Nixdorf, the largest manufacturer of ATMs, shared a more optimistic view on the future of ATMs. He said cash machines are crucial to the lives of consumers and still offer an essential service. With a half million installations in the U.S., ATMs "remain the primary, most convenient and most reliable way to retrieve cash," he said.

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