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Cash Holds On For Dear Life as ATM Visits Dwindle, Mobile Payment Options Increase

Cash is still around, but barely so with most people preferring to go cashless because of the fact that this is the sort of thing that could potentially end up allowing them to avail numerous mobile and online payment methods. A survey conducted by ThirdPartyTrust, a risk assessment site, revealed that 90% of people use various digital payment modes, with 78% also saying that they still visit ATMs though their reasons for doing this vary.

With all of that having been said and now out of the way, it is important to note that around 49% of respondents say that they don’t even go to ATMs on a monthly basis, with their visits being limited to every other month. 40% stated that they make monthly visits to the ATM, and only 11% said that they visit ATMs once a week or more with all things having been considered and taken into account.

Unsurprisingly, around 79% of respondents said that they go to the ATM to withdraw cash. Approximately 15% say that they visit ATMs to deposit cash, with 6% of them stating that they do it to deposit checks. In spite of the fact that this is the case, 69% of overall respondents know that they can deposit checks through mobile apps now, so the small number of people that still go to ATMs for this are likely either senior citizens or Luddites.

Additionally, only 3% of the people that withdraw cash stated that they only use cash for their transactions. 66% said that they do it just so that they can have some cash on hand, with the 53% of people going to cash only places showing how that might be useful.

However, 80% of respondents said that they only interact with their bank online, and 70% said that they use an app to do so. This shows that going cashless is fast becoming the norm, with the number of people that use cash at all dwindling. We might see a complete shift to cashless transactions by the end of this decade.
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