ATM use shows clear decline
Posted on: 20/Sep/2016 1:13:43 PM
Credit cards and debit cards are increasing day by day. The government is motivating people to use debit cards by opening numerous bank ATMs and white Label ATMs in the cities and rural areas. In the year 2014 the usage of ATM was 24.6 percent but in the year 2015 it declined to 9.8 percent. Officials of the banks say that people do not use ATMs to withdraw cash alone. Since the free transactions have been cut the usage of ATM machines have come down. Except money transactions, no other services like balance or mini statement are used in the ATMs.
Online banking services and mobile banking helps people to see their bank balance. Apart from this all the money transactions take on online. People use debit cards while purchasing merchandise. The Central Government is promoting digital transactions. Banks also encourage people to us online transactions by giving them promotional codes. Online transactions have increased in metro cities. Because of this 40 to 50 percent of ATMs are installed in suburbs.
