Are ATMs Becoming A Thing Of Past In India? - Nirmal Singh 3C Company


Remember the time when everyone was excited about not going to banks with cheque books in one hand and bank details in the other just because you wanted to take out a thousand bucks to pay the bills? That feels like a hundred years ago. Nobody is excited about the money throwing machines anymore. The long lines outside ATMs are gone and have been replaced by an eerie feeling of calm.
ATM machines were thought of as a new generation thing in the banking industry, they are now sitting in dust in secluded 4 by 5 rooms. - Nirmal Singh 3C Company

Between 2012 and 2015, the number of active ATMs was doubled to more than one lakh but that exponential growth got stagnated soon and hardly any new ATM has been installed in the past year. When more than 750million transactions were being completed before demonetization, the number has come down to less than 660million. Online transactions are being preferred over hard cash and hence the ATMs have lost their relevance, especially when you can pay for anything through payment gateways and apps like Paytm and freecharge. - Nirmal Singh 3CCompany

Mobile banking has replaced the cash – cash has become less important to people, and why wouldn’t it when you can pay without having to worry about having cash with you. Now all you need is a debit/credit card and you are good to go for months. Before demonetization, the general public was dependent on hard cash to survive but now the tables have turned, people can survive and thrive without cash. Just scan a QR code and you are done for the day.


After demonization, it became important for everyone to have a debit card and a bank account. This helped the people when India was going cashless. There were issues at first to make sense of everything, but that all has subsided now and people have got the drift of digital, cashless India. - Nirmal Singh 3C Company

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