As the country shifts to digital payments, Spain reduces the number of ATMs to 2002 levels – Bitcoin News

The number of ATMs in Spain has gradually decreased to the country’s 2002 level. Local media reports indicate that these actions have been taken to reduce costs and promote the digitization of payments and operations in the industry. The number of ATMs registered in 2008 was the largest, when there were 61,714 active machines in the network.

Spanish banks reduce ATMs

The number of ATMs in Spain has fallen to the lowest level since 2002, when the number of ATMs on the network was 1,795 more than it is now.According to the most recent Report According to data from Bank of Spain, as of the end of the third quarter of 2021, the network has 48,081 ATMs. This reduction is related to the attempt to reduce banking costs in the process of promoting the digitalization of payment and banking processes.

The number of ATMs registered in this network was the largest in 2008, when the country had 61,714 ATMs registered. Since then, banks have gradually removed machines from the network. However, according to the same report, the utilization rate of the remaining ATMs has increased. In the third quarter of 2021 alone, Spaniards used ATMs to make 171,300 withdrawals, an increase of 1.04% compared to the same period in 2020.

Promote digitalization

The Spanish government has been reducing the amount that can be paid in cash for each transaction.Last year, Spain Anti-fraud law, It also regulates some issues related to cryptocurrency assets, and passes the control of cash payments based on the type of transaction. The above-mentioned law stipulates that the limit for cash payments is 1,000 Euros. Avoidance of this law may result in sanctions on 25% of the payment, which will be paid by each party to the transaction.

However, local media said that these developments may have a disproportionate impact on Spanish citizens in rural areas, who are the people most dependent on cash to meet their daily needs.

The recent push has pushed more and more residents of the country to make digital payments. For example, the national cash payment survey conducted in July 2021, Established Only 35% of surveyed citizens use cash to pay. This is a major change compared to the payment method in 2014, when 80% of citizens used cash as a payment tool.

Although the use of cash has declined, Spain still uses more cash for payments than countries such as Sweden. less More than 10% of the population uses physical banknotes and coins to pay.

What do you think of the decrease in the number of ATMs in Spain and the promotion of digital payments? Tell us in the comments section below.'

Sergio Goshenko

Sergio is a cryptocurrency journalist based in Venezuela. He described himself late and entered the crypto space when prices rose in December 2017. With a background in computer engineering, living in Venezuela, and socially affected by the cryptocurrency boom, he offers a different perspective on the success of cryptography and how it can help the unbanked and underserved people.

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