The value of ATM cash withdrawals in South Africa stood at 67.12 billion US dollars in 2023, reflecting a slight year-on-year decrease of 0.19%. Over the past decade, the trend has shown fluctuations, with notable declines during 2015-2016 and a significant drop in 2020 due to the global pandemic. The past five years have demonstrated stability with a minor average annual decrease, presenting a CAGR of -0.2%. Forecasts suggest a continued modest decline through 2028, with a forecasted 5-year CAGR of -0.17%.
Future trends to watch include the impact of digital payment solutions and fintech innovations, which may further influence the usage of ATMs. Additionally, the economic environment and consumer behavior shifts towards cashless transactions will be critical in shaping the trajectory of ATM cash withdrawals.
