ATM Museum - The emergence of the concept of "cashless society"

March 27, 2024

In modern society, with the rapid development of technology, electronic payment methods have become increasingly common and convenient, allowing us to easily complete transactions when shopping without carrying a large amount of cash.

Electronic payment is gradually becoming mainstream.

Let's first confirm what the concept of "cashless payment" is!

Cash free payment refers to a payment method that no longer uses traditional paper currency and coins in transactions and payment processes, but is carried out through digital means. Digital payment methods include credit cards, debit cards, mobile payments, electronic wallets, etc

However, despite the convenience of electronic payments being welcomed by consumers, is there any reason for us to insist on using cash?

The bank personnel uncovered a shocking truth for us.

Personal privacy breach issue!

For example, when we use mobile payment to purchase goods, many people are not aware that their transaction information and personal identity may be tracked and recorded.

This means that our purchasing habits, consumption preferences, and identity information may all become potential targets for leakage.

In this era of information explosion, personal privacy issues have also brought great challenges to Internet payment platforms.

Many payment platforms claim to strictly protect users' personal information, but in reality, without mandatory regulation, it is difficult for users' privacy to be adequately protected.

Once upon a time, it gave us a lot of convenience, "ATM"~

At that time, when the bank was closed, we could still deposit and withdraw cash,

Handling simple procedures, the key is that data will not be leaked~

Until now

In the era of mobile Internet!

The concept of "cashless society" has emerged

Many people believe that cash based ATMs will fade out of the historical stage?

Indeed, modern mobile payments are particularly convenient

Even the roadside stall can pay with Alipay

The number of people carrying cash when going out is gradually decreasing

Just now we also mentioned security issues; For example, in cases of network security, water and power outages;

The fact is, most countries in the world still need to use a large amount of cash

Data shows that there are over 3 million ATMs worldwide!

Retail Banking Research: The number of ATMs will also increase

ATM equipment manufacturers will not let it go unchecked

They will shorten the lifecycle of ATM products

Shortened from 5-10 years to 36 months

This means more frequent product updates to keep up with new technologies

In addition, ATM will be combined with mobile NFC functions

Customers do not need to use bank cards and can only operate with their mobile phones.

The "cashless society" may become mainstream in the future

But this process requires a lot of supporting technologies such as infrastructure, algorithms, databases, and data transmission

Just like the paperless office proposed in the 1970s, it has become a healthy and environmentally friendly concept

But in reality, we still use paper, even if there is no carriage, there are still horses on the road!

So, coins will still be retained,

Just like a strong proof,

No increase or decrease, it just sits quietly there

So, do you still remember your first experience using ATM?

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