ATM industry urged to ‘stand together’ in 2018

ATMs still maintain huge importance in India, despite recent claims to the contrary.

Members of the ATM industry have been urged to “stand together” this year to ensure that the sector can continue to grow and overcome its challenges, such as new and evolving security threats.

Mike Lee, chief executive of the ATM Industry Association (ATMIA), made this the central theme in his recently delivered new year message, in which he stated that 2018 has the potential to be a positive year for the sector worldwide.

He called on businesses to unite to tackle security risks and to make the most of the opportunities presented by initiatives such as ATMIA’s Consortium for Next-Generation ATMs.

“2018 promises to be a turning-point for the worldwide ATM industry,” said Mr Lee.

“There is huge consensus and momentum behind the future-proofing exercise of the industry’s search for a new model for ATMs in today’s mobile world. At the same time, the industry has no option but to stand together to face down the threats of attack from ATM and cyber criminals.”

In the UK, meanwhile, consumer group Which? has raised concerns over the availability of free ATMs, particularly in rural communities that rely on these machines to access cash.

The organization said there are more than 200 communities across Britain with low ATM availability that could be particularly affected by recent proposals from the UK’s largest cash machine network.

LINK has revealed plans to lower its fees by 20 percent, meaning the amount that banks pay per withdrawal to maintain the free-to-use ATM network would be reduced.

Which? pointed out that millions of people rely on free ATMs to access cash and called on the Payment Systems Regulator to launch a review into the possible impact these changes could have on consumers.

It argued that the needs of the public should be put ahead of demands from banks to cut costs.

Written by Jack Dougal

Jack Dougal

Jack Dougal is Banking.com's resident news reporter. He writes regular blogs covering the latest stories and key developments in the global financial services industry.

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