According to the overall data on the operation of the payment system in the first quarter of 2024 recently released by the People's Bank of China, the number of ATMs was 837,100 at the end of the first quarter, a decrease of 8,358 from the end of the previous quarter. The number of ATMs per 10,000 people in the country fell to 5.94, down 0.84% from the previous month. This phenomenon has sparked widespread attention and discussion, especially on the reasons for the decline of ATMs and the meaning behind them.
The popularity of mobile payments and the gradual withdrawal of ATMs
The decline in ATMs is not accidental, but the result of the rapid growth of mobile payments. In recent years, mobile payment has made great progress in China, and platforms such as Alipay and WeChat Pay have penetrated into almost every corner of life. From big cities to small towns, from restaurants to stalls, QR code payment has become the mainstream. In contrast, the demand for cash withdrawals is decreasing, and ATMs are no longer as essential as they used to be.
Promotion of the digital yuan
With the gradual promotion of the digital yuan, the use of cash has been further reduced. The digital yuan is not only convenient and fast, but also more secure, which has led more and more people to choose to use this new currency for transactions. The popularity of the digital yuan has undoubtedly accelerated the decline of cash payments and further weakened the value of ATMs.
Reduction in cash usage scenarios
In addition to the impact of mobile payments and the digital yuan, the reduction in cash usage scenarios is also an important reason for the decline in the number of ATMs. Nowadays, more and more payment scenarios are no longer reliant on cash, whether it is daily shopping, transportation, or various service industries, electronic payment methods can be easily handled. Even in some situations where cash is required, mobile payments offer more flexible solutions, such as QR code transfers and micropayments.
What does the reduction of ATMs mean for our lives?
The decrease in the number of ATMs reflects the change in the way society pays. This change is not only the result of technological progress, but also the embodiment of a change in people's living habits. We can foresee that with the further development of technology, the future payment methods will be more diversified and convenient, and the role of ATMs will be further weakened, and may even gradually withdraw from the historical stage.
Driven by the dual promotion of mobile payment and digital yuan, the reduction of ATMs is the general trend. We are in an era where payment methods are constantly evolving, and technological advancements have made our lives more convenient and efficient. Although the number of ATMs is decreasing, this does not mean that they will disappear completely. They will find their place in the new technological environment or continue to serve us in new forms.
So, although the number of ATMs has decreased, it doesn't mean that we don't need them anymore. Their existence and changes have witnessed the evolution of payment methods and the progress of technology, and also made us full of expectations for the future.