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The End of Cash? What ATMs Tell Us About the Future of Money - Video học tiếng Anh
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The End of Cash? What ATMs Tell Us About the Future of Money
The End of Cash? What ATMs Tell Us About the Future of Money
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0:00
The banking world is entering a cashless age driven by mobile and contactless payments.
0:05
In 2024, contactless payments surged globally to the tune of 10
0:09
trillion dollars across more than 450 billion global transactions.
0:13
Online payments reached almost 13 trillion dollars with over 200 billion transactions.
0:18
But as digital channels expand, the physical infrastructure we once depended on,
0:22
like bank branches and ATMs, is becoming less visible in people's daily lives.
0:27
According to research from Datos Insights, there are close to 3 million ATMs in the world.
0:33
That's about 360 ATMs for every 1 million people.
0:37
Covid really accelerated people's use of Digi Banking.
0:40
If I were to compare it say 5 years ago, there is a reduction in the people who use our machines.
0:47
In some nations, cashless spending has become routine, shaped by high trust in financial
0:52
institutions, widespread smartphone adoption, and robust digital payment infrastructure.
0:57
Sweden is often cited as the clearest example
1:00
with over 98% of its population owning a debit or credit card.
1:04
Other countries on the way to a cashless society include Norway,
1:08
Finland, South Korea and Singapore.
1:11
Singapore is a prime example of this shift. According to figures
1:14
disclosed by the Monetary Authority of Singapore,
1:16
the nation's bank branches and ATMs have fallen by an average of 2% a year over the past decade.
1:22
And as of 2026, there are 150 retail branches and 1,600 off- premise ATMs.
1:29
This follows a similar trend for most of Southeast Asia.
1:31
Bank branches in Indonesia
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Brunei,
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Thailand
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and Malaysia
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have declined steadily in the last decade.
1:38
They're being replaced by services such as Singapore's Pay Now, a digital payment system
1:43
launched in 2017. It allows users to transfer and receive funds using just their mobile number.
1:49
What government and Monetary Authority of Singapore have done is built real
1:55
time digital payment infrastructure. So you built national rails and then within
2:03
those rails you allow competition to happen at user experience. So MAS has set standards
2:11
and incentives perhaps grants and support but allowed banks and fintechs to innovate.
2:18
What we have done is that we've effectively looked at our top transactions that are done
2:23
over the counter today and these transactions used to comprise 80% of why people go to the branches
2:28
and now we've moved them to the machines so that people can access them at their convenience 24/7.
2:33
We've seen so many evolutions on you know of customer behaviors.
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So we've got the digital native generation right and they have never set foot into a branch.
2:42
It has to change because digital technologies are superior to physical infrastructure. Why?
2:50
Because they have lower marginal cost, better scalability, they have stronger data analytics.
2:56
So economic forces tell us this will keep moving in that direction and there is no going back.
3:03
But cash hasn't disappeared. It remains a dependable fallback,
3:06
especially in an era where cyberattacks and natural disasters are increasingly common.
3:12
We can think of ATMs and physical infrastructure
3:16
as a backup. And that's where value of cash will still lie.
3:20
Even in a highly digital market like Singapore, cash is still common in certain settings,
3:25
particularly through small value transactions or in the nation's traditional hawker centers.
3:31
When we look at where to place our ATMs, we look at a lot of factors. We look at the demand of the
3:36
area. Pop-up ATMs are great in the sense that they are able to help us meet seasonal demand.
3:41
Across emerging economies, ATMs still play a crucial role.
3:45
Egypt and Uzbekistan are even expanding their networks driven by the needs of
3:49
rural and remote communities where internet coverage remains uneven.
3:54
This happens around the world. When you think of most emerging markets,
3:58
when you think of South Asia, Africa, Latin America, even some Eastern European countries
4:04
where we have unstable connectivity, irregular merchant acceptance and low digital literacy. So,
4:11
you got to think of what's the best hybrid approach,
4:15
how to embed this physical infrastructure like ATMs into the digital customer journey.
4:23
ATMs are also upping their suite of services from
4:26
biometric authentication and cash recycling to coin deposit machines.
4:30
But as they expand their capabilities,
4:32
the maintenance behind them will need to become more advanced too.
4:36
Cyber security has grown so much because everything is
4:40
going online. A lot of people are trying to steal or attack.
4:44
So this is one of a really good example of the jobs that will come to the front
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line. How to protect all these customers, all these data that is now digital on bank servers.
4:57
With AI and Agentic AI what we are seeing is we're incorporating them for our staff
5:02
to better assist our customers. So that very much is a priority for us.
5:06
In the short term, a lot of jobs will be taken away by AI
5:11
digitalization. But then in intermediate and long-term,
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what will happen as it happens usually in these revolutionary changes, new jobs will be created.
5:21
So while payment habits continue to evolve, ATMs are not disappearing. They're adapting
5:26
to remain a meaningful part of the financial ecosystem.
