New data shows the U.S. recently lost 18,500 ATMs, and while tap-to-pay options are spiking, the banking industry says ATM crime is also part of the decline.
ending coin shortage, which plagued the country shortly after the onset of the covid-19 pandemic. The U.S. Federal Reserve System says that the country has an adequate amount of coins in circulation, but that rate of circulation was disrupted by the
pandemic as businesses and banks closed and people stayed home more than usual. According to the Federal Reserve System’sAs a first step, a temporary cap was imposed in June 2020 on the orders depository institutions place for coins with the Federal Reserve to ensure that the supply was fairly distributed. Because coin circulation patterns have not fully returned to pre-pandemic levels, caps were reinstated in May 2021.
“[Cash] is still the payment method of choice for in-person transactions of $25 or less,” Tente told the Journal. He added: “Right now the biggest threat to the industry is not electronic payments, but ATM crime.”
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