atm Atom

Contrary to the desires of Visa and PayPal, cash payments remain a vital segment of retail purchases. Although a smaller percentage of transactions than card transactions overall, cash still accounts for $2.2 trillion of the $10 trillion in sales in the U.S., according to L.E.K. Consulting, and are expected to remain so indefinitely. The amount of cash in circulation is now $1.6 trillion and the Federal Reserve predicts it will continue to grow at the rate of four to six percent per year.

In the beginning was the bank ATM. This through-the-wall ATM dispensed cash to any customer with a card, a PIN, and available funds. This basic ATM was the very essence of disruptive technology, facilitating the closure of tens of thousands of bank branches around the world, and taking countless bank teller jobs with them. Customers rejoiced at their newfound avoidance of the teller queue. Bankers were thrilled as branch operating costs were slashed.