Further to our previous article Cash is King, we take a closer look at the ATMs and point-of-sales (POS) usage. See the table below (Comparison of ATMs and POS Usage).
In 2010, the value of POS payments exceeded the value of cash withdrawals. However, by the end of 2014 our insatiable appetite for cash-in-hand had led to cash withdrawals surpassing POS payments.
Over the period, the ATM network and cash withdrawals grew by 19% and 49%, respectively. By comparison the POS network and POS payments grew by 44% and 16%, respectively.
Despite the bigger expansion of the POS network it was the ATM network that saw the higher demand.
Why the increasing need for cash? We shall explore that in a subsequent article.
Suffice it to say that in order to grow your business online it is advisable to give customers convenient options to pay with card or cash.
