For more than 30 years, ATMs have been a crucial part of our lives, giving us quick access to cash whenever we need it. However, there has been a lot of debate in recent years regarding whether or not ATMs are a fading industry. Many people now think ATMs are unnecessary because of mobile banking and digital payments, which has led to their conclusion. We shall delve more into this subject in this essay.
The development of mobile banking and digital payments is one of the reasons why people think ATMs are a dying industry. With the use of these technologies, it is now simple for people to transfer money and make cashless purchases of goods and services. In fact, a recent research by the Reserve Bank of India indicated that in the previous year, digital transactions surged by 44%. Many people have been encouraged to believe that ATMs are no longer essential and that they would disappear in the future because of this.
The price of ATM space is another factor contributing to the notion that ATMs are a dying industry. Renting space for an ATM can be rather expensive in India. The price can vary from Rs. 10,000 to Rs. 50,000 per month depending on the region. Banks may decide to operate fewer ATMs as a result of this, which can be quite expensive.
There are a few things you should be aware of if you’re interested in purchasing an ATM franchise. You must first have a strong financial foundation and an excellent credit score. This is so because the majority of banks only grant franchises to those who have a solid history of being financially responsible. Second, you’ll have to make a substantial initial financial commitment. Depending on the bank and the ATM’s location, this can range from 5 lakhs to 20 lakhs. A common query regarding ATMs is whether or not they have alarms. The majority of ATMs do, in fact, have alarms. The police will be informed and an alarm will go off if someone attempts to break into an ATM. This security measure is intended to discourage thieves from trying to take money from ATMs.
Last but not least, a common query is if it is possible to use ATMs to withdraw modest sums of cash. The majority of ATMs in India have a Rs. 100 minimum withdrawal requirement. There are some ATMs, though, that let you withdraw smaller sums, like Rs. 50. It’s crucial to keep in mind that these ATMs can have greater transaction fees than others that let you withdraw more money.
In conclusion, despite the widespread perception that ATMs are a dying industry due to the development of mobile banking and digital payments, they continue to play a significant role in our daily lives. Even while buying an ATM franchise and renting ATM space can be expensive, ATMs nonetheless offer a practical way for consumers to access cash. ATMs are also expected to be there for a very long time to come because of its safety features and capacity to distribute small quantities of cash.
While the article focuses on the future of ATMs, you can visit the official BDO website to learn more about their agent program if you’re interested in working as a BDO Cash Agad agent. For those who are interested, they can have certain prerequisites and qualifications.
Depending on the manufacture, model, and features of an ATM, it can require more or less electricity. However, an ATM typically consumes 10-15 kWh per month, or between 350 and 500 watts, of electricity each day. This is about the same as what a small refrigerator or computer would use in terms of electricity.