Spain Reduces ATM Numbers to 2002 Levels as Country Moves to Digital Payments

The fig of ATMs successful Spain has been progressively shrinking to levels the state saw successful the twelvemonth 2002. Reports from section media suggest these actions person been taken to trim costs and to propulsion outgo and cognition digitalization successful the sector. The highest fig of ATMs was registered successful 2008 erstwhile determination were 61,714 progressive machines successful the network.

Banks successful Spain Reduce ATMs

The fig of ATMs successful Spain has dropped to its lowest level since 2002, erstwhile the web had 1,795 much ATMs than it has today. According to a caller report from the Bank of Spain, the web had 48,081 ATMs astatine the extremity of the 3rd 4th of 2021. This simplification has to bash with attempts to little costs successful the banking assemblage amidst a propulsion for digitalization successful payments and banking processes.

The highest fig of ATMs successful the web was registered successful 2008 erstwhile determination were 61,714 ATMs registered successful the country. Since then, banks person progressively removed machines from this network. However, utilization of the remaining ATMs has gone up, according to the aforesaid report. Just successful Q3-2021, Spaniards made 171,300 withdrawal transactions utilizing ATMs, an summation of 1.04% compared to the aforesaid play successful 2020.

The Push for Digitalization

The Spanish authorities has been reducing the magnitude of wealth that tin beryllium paid successful currency per transaction. Last year, Spain’s antifraud law, which besides regulated immoderate issues regarding cryptocurrency assets, passed controls for currency payments depending connected the benignant of transaction. The aforementioned instrumentality established that payments successful currency could lone beryllium made up to the bounds of €1,000. Sidestepping this instrumentality could effect successful sanctions of 25% of the payments made, which would beryllium paid by each enactment to the transaction.

However, section media states these developments could disproportionately impact Spanish citizens successful agrarian areas, who are the ones that beryllium astir connected currency for their mundane needs.

The caller propulsion has driven much and much residents of the state to integer payments. For example, the nationalist survey for currency payments, carried retired July 2021, found that lone 35% of the surveyed citizens utilized currency for payments. This constitutes a important alteration compared to however payments were made successful 2014, wherever 80% of citizens utilized currency arsenic a payments tool.

While currency usage has gone down, Spain inactive uses much currency for payments than countries similar Sweden, wherever less than 10% of the colonisation uses carnal insubstantial and coins to pay.

What bash you deliberation astir the simplification successful ATMs and the propulsion for integer payments successful Spain? Tell america successful the comments conception below.

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