ATMIA has announced the results of its industry survey “Readiness for Universal Cash Deposits for ATMs 2022” which showed that an overwhelming majority of respondents support the adoption of Universal Cash Deposit at ATM networks.
“With over 68.5% of the respondents saying they would support Universal Cash Deposits at ATMs,” said Mike Lee, CEO of ATMIA, “the signs are good that the ATM industry itself is shifting towards the need to accelerate ATM cash deposits as both a long-term economic necessity and as a consumer or end-user demand.”
While 32% of the respondents were IADs, about 20% were from Financial Institutions, banks and credit unions. Just under 10% were manufacturers, 20% were from service-providers, 8% from third-party business partners, with the rest of the respondents coming from network processors and CiT.
“Over 90% of respondents agreed that the trend towards increased bank branch closures strengthens the case for enabling Universal Cash Deposits at ATMs,” explained David Tente, ATMIA’s Executive Director of the USA, Canada & Americas. “The time seems right to encourage the networks to investigate adopting this excellent functionality at an inter-bank level.”
In July, 2021, the global not-for-profit association published a position paper arguing that Universal Cash Deposit for ATMs will assist communities and businesses in dealing with the decline in bank branches, while making cash itself more competitive in order to protect on-going access to cash for all demographic groups. The paper defined Universal Cash Deposit as an interoperable system within an ATM network, or across multiple networks, for accepting cash deposits at enabled ATMs on an “interbank” basis, whereby a customer from one bank may deposit cash at ATMs owned and operated by other banks or by IADs.
ATMIA’s new survey concluded that most of the demand for Universal Cash Deposits will come from members of the public and end-users, and secondarily from merchants and small businesses.