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ATMs are on the way out with the total number of yearly ATM withdrawals falling to its lowest level in five years, new research by finder.com.au reveals.
The analysis of Reserve Bank of Australia data shows that in the 12 months to April 2016, there were 685.8 million cash withdrawals at ATMs around Australia – a decline of 43 million (6%) in one year.
This is the fourth consecutive year on year decline – equating to a 17.2% drop since 2012.
In an approach that distinguishes it from Apple in the contactless payment market, Samsung says banks are welcome to join its digital wallet and it doesn’t want any of their interchange fees or data.
Samsung launched Samsung Pay in Australia on Wednesday. The service is live in South Korea, the United States, China and Spain. In Australia, it is available only for holders of Citi and American Express-issued cards.
But Prasad Gokhale, vice-president of the mobile division for Samsung in Australia, is confident that each of the big four banks will embrace the platform in the coming months.
He said the world’s largest consumer electronics company did “not want to eat into the business model of banks”.
“We will complement their business model. We don’t charge them any fees and we do not retain any data.”
Samsung Pay has 5 million registered users in its domestic South Korean market with $US1 billion of transactions processed in the six months since its launch.
But it declined to provide any forecasts for Australian volumes. The payment platform will be available to any phone with the Marshmallow software update. Samsung wants its payments strategy to drive more sales of its higher-end phones.
Samsung says it is keen to work with banks to allow them to enhance their own mobile payment experience in their own apps and wallets. This will help those bank apps compete better against Apple’s wallet on the iPhone.
In the 12 months to April 2012, there were 330,457,392 withdrawals attracting $660.9 Million in ATM fees – the equivalent of $36.4 for every Australian aged 18 years and over per year.
“This is a significant decline of 18.2% in ATM fees paid by Australians in five years,” she says.
In 2009, the Reserve Bank introduced reforms that meant customers were reminded of the extra cost of using a ‘foreign’ ATM at the time of the transaction.
The emergence of payment card technology that doesn’t require a pin number to be entered for transactions below $100 in value is changing the way shoppers pay.