Will Mobile Payment Platforms Kill The Use of ATM Machines?

Let me start with a little history about ATM Machines (Automated Teller Machine) and Mobile Payments first before I get into the nitty-gritty of things.

Over 40 years ago, ATM machines were introduced and since then there have been remarkable modifications done to the machines, in order to accomplish the needs and dreams of users. ATM machine works as an automated teller; additionally today’s modern ATMs provide a large number of banking transactions! Nevertheless, to humanize the machine, a lot of upgradation was implemented on the unmet needs.

The evolution of ATMs is driven by two imperative factors; first is “A Need For Banks To Cut Down Costs” & second is “ Ever Changing Demands Of Consumers”! With the growing utilization of such machine, there are alternatives served to bank branches which allow users to perform a variety of transactions within no time! There is no denial that, ATMs are becoming much smarter by connecting to smart devices, so as to offer more comfort and secured real-time transactions for the users.

In this Cashless Payment era, the need for cash is still pertinent which apparently means ATM machines are in demand as ever before! But is there anything our smartphones can not do? The kind of cool apps are introduced, it seems that an application can do anything for you! Even the transactions through eCommerce stores. Since mCommerce has become more high tech, I think mobile payments is loved by majority of users, but still can’t say how many of them actually have safe transactions through apps!

What Will The Future ATM Machines Do and How Will They Look Like?

The future ATM MicroATM will be well equipped with user interfaces and operated completely from users’ smartphones! Will it continue to take buying behaviour into an account, in order to provide consumers with a large number of payment options? Do you think that the revolutionized ATMs will bring people back to itself with a great number? or make people go crazy with their ever long queues?

 

Mobile Payments – mCommerce Is Making Serious Waves!

Sheer reality is, smartphones have gone beyond our expectations and will replaced a few things like ATM machine!  Yes, there are many people and financial institutes that don’t rely on ATMs. It is hardly a surprise! Since, online banking and mobile commerce go hand in hand, payments can be done virtually without ATM machines! To a great extent, digital wallet, virtual wallet, e-wallet all work the same way for an easy mobile payment! Thousands of applications are available onto your smartphone, through which payment is done in a jiffy!

Let me back it up with few stats

• Around 7 million mobile users are already using payment apps on their phones.
• Mobile payment industry will be a worth a trillion by 2016 end.
• Mobile money looks more promising in next 5 years.
• There are currently about 13, 770 ATMs in Nigeria. As at July 2014, the ATMs have recorded 214.63 million transactions worth about N2 trillion.
• The number of active payment cards on the ATMs is about 41.89 million.

What Is The Next Big Digital Revolution In Payment Systems?

Have you ever imagined yourself not having enough cash to pay the plumber or the pizza delivery boy or those home delivered groceries? Wouldn’t it be great if they accept credit or debit card payments? So, juggling around with payment machine looks a total waste of time! Then, what is the best solution? Of course the mCommerce solutions that have made payments hassle free! Many a times, we have seen the concept of mobile banking follow a rather bumpy road, falling in and out of interest over the years! Today, just in 4-5 years, the scenario is changed and now looking promising than ever before.

Are Both Mobile Payments & ATMs Competent?

There is an intact race between ATM machines and Mobile payments for now. However, it is very difficult to answer this question. As long as cash is still in vogue ATM Machines will survive but we are beginning to see more advanced payment options that will eliminate cash circulation examples are the POS (Point of Sales), Mobile Money or Mobile Wallet from network providers, e-Wallet from online sellers, digital wallet, virtual wallets, Bitcoins and many more. As for me only time will tell.