Why ATMs Matter to Consumers in Today's Economy
BFC Enterprises • February 21, 2025
Despite what you might hear about how our society is going cashless, ATMs and cash remain vital to Americans’ shopping and money management habits. While digital payments are growing, cash continues to play a crucial role in American’s daily lives – and the most recent data proves it.
When people shop at physical locations,
cash is consistently reported as their top choice for payment. This might come as a surprise given the popularity of cards and electronic payment methods. But there are many reasons why people trust and prefer using physical money over the alternatives. For example, using cash leads to increased awareness over one’s spending habits, and it also eliminates risks of acquiring debt.
Some people like cash because it's private. Unlike digital payments, cash transactions don't leave an electronic trail. Customers and business owners alike appreciate that cash transactions don’t require technology that might fail, need electricity and internet or they have to wait to get paid.
Even though the percentage of cash transactions has slightly decreased (from 25% to 21% since 2020), the actual number of cash transactions has grown by 2.2 million, according to data analyst Harriet Coverly, who reported on the state of cash transactions at the 2025 ATM Industry Association (ATMIA) US conference this February.
How can this be? The answer is simple. With a growing economy, more people and more businesses means more total transactions happening every day. (Data provided by CMS analytics)
Young People Love Cash Too
Cash has unique benefits that appeal to people of all ages. Older generations often prefer cash because it's familiar and helps them track of spending. Middle-aged shoppers might use it for budgeting or teaching their kids about money. But another surprising fact shown in recent data is that 69% of Generation Z (people born after 1997) are using more cash now than they did last year.
In fact,
nearly one in four of Gen Z (23%) use cash for most of their purchases. Young adults appreciate that cash helps them avoid overspending – when the cash is gone, it's gone. These habits that are formed and continually reinforced in the younger generation make for a great forecast regarding the lifespan of cash usage.
Changing ATM Usage Patterns
With all the data considered, it shouldn’t be a surprise that the way people use ATMs is changing as well. While the number of surcharged ATM transactions has been dropping by about 3% each year, people are taking more money out when they visit an ATM. Coverly also reported that the average withdrawal amount has increased by 3.5% since 2022. This suggests that while people might visit ATMs less frequently, they're making their trips count by withdrawing larger amounts of cash.
Why Businesses Should Care About Cash Access
For business owners, offering cash access through ATMs isn't just about convenience – it's smart business. When customers know they can get cash at your location, they're more likely to stop by. According to a Creative Consumer Research survey, nearly three quarters (70%) of retail customers visited a business specifically to use the ATM.
However, once the customer is in your business, they might buy something they hadn't planned on. In fact, studies show around
33% of ATM users end up making a purchase at the location housing the ATM. Much like “free Wi-Fi,” offering an ATM is a feature that has proven to draw people in.
Plus, ATMs can create additional revenue through surcharge fees. When customers use an ATM that's not from their bank, they usually pay a small fee to process the transaction. Business owners share in this fee revenue, creating an extra income stream without requiring more work or inventory.
Looking Ahead
If cash was going anywhere, it would already be long gone. Looking at the trends, while it appears digital payments will continue to grow over the next few years, ATMs and cash will continue to be essential services. Businesses that recognize this can benefit from increased foot traffic and additional revenue streams, while meeting a genuine consumer need. In our increasingly digital world, having the option to use cash provides choice and flexibility that many Americans of all generations still value and actively seek out.
Contact BFC Enterprises today! You may qualify for a free, turn-key ATM!
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