BOSTON, Dec. 5, 2019 /PRNewswire-PRWeb/ -- Despite continued pressure from digital payment products, particularly person-to-person (P2P) applications like Zelle and Venmo that are used to pay back other individuals or to send a gift electronically, ATMs remain a fixture in the banking market. On the horizon is the growing threat of contactless cards, predicted to grow rapidly in the next two years, replacing small dollar purchases at the point-of-sale. A new research report from Mercator Advisory Group titled 2019 ATM Benchmark Market Report explores consumers' trends in ATM use and other market developments.
"It may surprise some readers how strong the use of ATMs for cash withdrawals and other transactions activities continues to be in the face of digital payments. Consumer data supports the finding that individuals who have adopted newer payment technologies still rely on cash and ATMs for their day-to-day transactions. Despite the importance of ATMs, many financial institutions are handing over the operation of their ATM fleets to third parties to achieve reduced and more predictable maintenance expenses. As management and sometimes ownership of ATMs changes hands, the independent operators will be setting the tone and industry direction for ATMs," comments Sarah Grotta, Director, Debit and Alternative Products Advisory Service at Mercator Advisory Group and author of the report.
Highlights of the research report include:
- Market trends regarding consumers' use of cash
- The impact of digital solution on cash as well as the usage of ATMs
- Consumer trends in ATM use
- The role of ATM surcharges and the surcharge-free networks
- Cardless ATM transactions and other technology updates
This research report has 16 pages and 8 exhibits.
Companies mentioned in this report include: Avidia Bank, Bank of America, BMO Harris Bank, Cardtronics, Chase Bank, Fifth Third Bank, GasBuddy, McDonald's, Payment Alliance International, PNC Bank, Salem Five Bank, and Wells Fargo Bank.
Members of Mercator Advisory Group's Debit and Alternative Products Advisory Service and Merchant Services have access to these reports as well as the upcoming research for the year ahead, presentations, analyst access, and other membership benefits.
For more information and media inquiries, please call Mercator Advisory Group's main line: 1-781-419-1700, send email to [email protected].
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About Mercator Advisory Group
Mercator Advisory Group is the leading independent research and advisory services firm exclusively focused on the payments and banking industries. We deliver pragmatic and timely research and advice designed to help our clients uncover the most lucrative opportunities to maximize revenue growth and contain costs. Our clients range from the world's largest payment issuers, acquirers, processors, merchants and associations to leading technology providers and investors. Mercator Advisory Group is also the publisher of the online payments and banking news and information portal PaymentsJournal.com.
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