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Examining the current state of payments, labor for ATMs in 2022

A lot has changed in the past 50 years since the ATMs first came to market, especially in the last two years with the pandemic. Clinton Cheng, VP and GM, global head of Plus ATM network at Visa, shared some insights on the how the world has changed

Examining the current state of payments, labor for ATMs in 2022Image via Istock.com


| by Bradley Cooper — Editor, ATM Marketplace

A lot has changed in the past 50 years since the ATMs first came to market, especially in the last two years with the pandemic. Clinton Cheng, VP and GM, global head of Plus ATM network at Visa Inc., shared some insights on the how the world has changed during a session at the ATMIA conference held from Feb. 8 to 10 in Orlando, Florida.

Cheng spoke about several changes that have happened in the past decade, going from buying groceries in the store to buying online and calling grandma on Facetime vs. a direct phone call. The pandemic however has accelerated these trends dramatically.

"In 2019, only 3% bought groceries online, now 80% do. Zoom had 10 million users before the pandemic now they have 200 million users per day," Cheng said. "During the pandemic we saw two decades worth of change."

This has had repercussions for every market, but Cheng focused specifically on commerce, banking and the labor market.

On the commerce side, there is now an app for just about every form of space, such as Etsy for art, Airbnb for room sharing and more. In addition, ecommerce is growing at a rapid pace, and is expected to reach $1 trillion in sales in 2022, Cheng said.

This trend has also occurred in the banking space, as consumers are continually turning to digital apps for individual banking services rather than relying on one bank as a one-stop shop.

"53 million Americans are customers of some form of digital only financial service. By 2025, 38% will only be using digital mobile banking app," Cheng said.

The labor market is also rapidly changing, as Cheng said there are 11 million unfilled jobs and 25 million jobs are digital only jobs, representing the shift toward hybrid and at-home work.

So how does the ATM industry respond to all these shifts? Cheng said that is the challenge for the industry to continue to stay relevant.


Bradley Cooper

Bradley Cooper is the editor of ATM Marketplace and was previously the editor of Digital Signage Today. His background is in information technology, advertising, and writing.

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