Innovative as it is, ATM is still a thing of the past. The first ATM was installed in 1967, more than fifty decades ago. As such, there are plenty of drawbacks when using an ATM. As the world began to shift to cashless payment methods, banks have been redirecting their resources towards digital payments, closing down branches and ATMs all over the world. Despite the ongoing trend toward a cashless society, sometimes people still need cash to fulfill their needs. This makes the future of ATM in the modern world uncertain. Let’s see what innovation might threaten the future of ATM in the modern world.
Cashless Payment Methods
Cashless payment methods are more convenient than the conventional methods. Not having to carry cash around makes your pocket lighter, and saves you from the hassle of ever going to an ATM to withdraw money. As an added bonus, most cashless payment providers also offer amazing cashbacks and rewards to try and use their services. More and more countries nowadays are developing their technologies to attain the modern economic state dubbed as a cashless society, so these cashless payment methods are expected to prosper in the near future. Thus, the existence of ATMs would be rendered obsolete in those times since nobody would use cash anymore.
However, going cashless has its own drawbacks as well. There are many problems related to cyber security and digital data, and many developing countries do not have the proper technological infrastructure to support a fully functional cashless society. As such, an alternative to ATMs is required by those countries before they can fully transform into a cashless society.
Alternative Cash Withdrawal
Let’s face it. In most developing countries in the world, cash is still king. There are just too many situations where you cannot use those sophisticated cashless payment methods. For instance, in remote areas unreachable by the cashless payment providers’ network, in very small businesses such as street hawkers etc., or when there is a technological issue with the cashless payment provider. That is why we would still require cash, albeit in a smaller amount, in our daily lives.
However, the most common method to withdraw cash is still using an ATM. Since ATM is so old-fashioned and there are plenty of ATM-related scams and problems already, people need an alternative cash withdrawal method. Enter SOCASH. As a cash withdrawal application that transforms your local shops and businesses into digital ATMs, SOCASH is able to provide its users with cash while at the same time eliminating the problems and drawbacks that ATMs have.
With SOCASH, people will have access to ATM no matter where they are, as long as there is a shop nearby. In a way, SOCASH is helping the world shape itself into a cashless society by replacing ATM in people’s daily lives.