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Fewer ATMs in Poland

PR dla Zagranicy
Paweł Kononczuk 21.11.2017 08:30
The number of ATMs has fallen in Poland by 223 machines since the first quarter of 2017, according to data released by the central bank (NBP).
Photo: Pixabay/3dman_euPhoto: Pixabay/3dman_eu

The amount of withdrawals from ATMs has dropped steadily since 2014. At the same time, shops accepting non-cash transactions have been growing in number in recent years, NBP said.

"The central bank's latest data shows that there were 23,528 ATMs operating in Poland in the second quarter of the year -- that's 223 fewer machines than in the first quarter," said Jarosław Sadowski, chief analyst at financial adviser Expander. "While the decline is in itself rather insignificant, coupled with other information it suggests that we are seeing a major shift taking hold on the Polish market," he added.

"The total value of cash withdrawals in the first quarter of 2017 stood at PLN 156 billion [EUR 37 bn], whereas non-cash transactions amounted to PLN 122 bn," Sadowski said. "Tangible money still reigns supreme but this won't be long. The value of non-cash settlements is growing by 20 percent annually," he said.

"The number of cash withdrawals is also on the rise, but at a much lower pace -- by around seven percent annually," Sadowski added. If the numbers continue on the same trajectory "the value of non-cash transactions will supersede cash withdrawals from ATMs by 2021."

After that watershed moment cash will gradually lose importance in Poland. "As a result cash machines [...] will be used at a lower rate and a large part of them will have to disappear from the streets," Sadowski said. (aba/pk)

Source: Business Insider Polska

tags: ATM
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