The online payment system known as bitcoin is increasing in popularity, with bitcoin ATMs popping up across the country. These ATMs can be found in areas as widespread as Hawaii, Nevada, New Mexico, North Dakota and Massachusetts.
Still, even with other forms of payment seeing growing popularity within the U.S., cash remains king for many consumers.
"In October 2012, the average American consumer had 59 transactions, including purchases and bill payments, and 23 of these 59 payments involved cash," stated a report from the San Francisco Federal Reserve Bank titled "Cash Continues to Play a Key Role in Consumer Spending: Evidence from the Diary of Consumer Payment Choice."
The report went on to state that at 40 percent, cash makes up the single largest share of consumer transaction activity, easily beating out debit cards at 25 percent and credit cards at 17 percent.
As for bitcoin, a report from BitScan stated hat approximately 2.5 million people own this type of currency. In a nation of nearly 314 million and counting, it's clear that bitcoin can't compete with the consumer need for cash.
This is why traditional ATMs remain a vital tool for banks, credit unions and retailers alike.
Finding the right fit
Of course, not every institution requires the same type of ATM. That's why Cummins Allison provides a wide range of products.
For instance, H46 Series ATMs are full-function bunker-style devices that provide high security for drive-thru lanes at banks. This can be the ideal solution for financial instructions hoping to extend business hours without requiring additional staff.
Meanwhile, in instances where a full-function ATM may not be necessary, H22 Series Small Footprint ATMs may be more suitable.
September 23, 2014