Do ATMs go in the direction of goodbye? The answer is linked to the new technologies that are advancing and to the fight against tax evasion.
Some branches of credit institutions have already eliminated ATMs and other banks are preparing to do so. Let’s find out what this change depends on which we will have to get used to.
The fight against cash hasn’t been a mystery for a long time. In order to reduce tax evasion, money laundering and terrorist financing, the government is gradually banning cash and discouraging its use. Access to bonuses, for example, requires the payment of eligible expenses as a prerequisite through traceable means of payment such as credit cards, wire transfers and checks. The exhibitors, then, are “encouraged” to prefer the use of POS versus cash with new directives and facilitations. Also, the cash payment limit it was lowered to 999.99 euros since 1 January 2022. Less cash means fewer withdrawals and, consequently, less use of ATMs. Will it be goodbye to the ATM?
ATMs, ready to disappear?
The use of credit, debit and debit cards it is encouraged by the Government since they are part of the famous traceable means of payment so popular with the tax authorities. In addition to traceability, money transfers are taxable and increase the cashless objective promoted by Italian politics.
A limited use of cash, however, pays quite a bit useless the presence of ATMs. The only current task is to allow withdrawals given that any other operation, even those replacing cash, can easily be carried out by electronic means by accessing, for example, all’Home Banking of your bank. To make a bank transfer, just a few clicks in the appropriate section; to pay a bill just frame it as well as a simple QR-Code will allow you to make payments Pago In Rete system. The inevitable consequence will be a gradual disappearance of ATMs as we know them.
What to expect from the future
The number of ATMs in Italy it’s decreasing more and more. Some lenders – like ING Direct – they removed not only the branches but also the branches to dedicate themselves exclusively to online services simpler to manage and less expensive. Other banks could opt for this drastic solution and adapt to the innovations brought by technology already present in the so-called “modern” banks such as N26.
In reality, we are still a long way from having to imagine a world without ATMs. There will certainly be important news such as the dispensing of cash in pharmacies but all of us will still be able to use coins and banknotes to pay for goods and services for a long time.
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