Forecast: Number of ATM Cash Withdrawals in South Korea

The number of ATM cash withdrawals in South Korea has demonstrated a general decline from 2013, starting at 270.45 million units, to 222.48 million units in 2023. The most notable decrease occurred in 2020 with a significant drop of 17.94%, likely influenced by the COVID-19 pandemic. A subsequent rebound in 2021 saw a 25.08% increase, but the overall trend remains downward. The year-on-year variation for 2023 was a minor decrease of 1.10%, and the compound annual growth rate (CAGR) over the last five years was -0.96%, indicating a gradual decline.

Looking forward, forecasts suggest a continued slight decline in ATM cash withdrawals, with the value expected to drop to 210.17 million units by 2028. This is reflective of changing consumer behaviors, increased digital payment adoption, and potential advancements in fintech services.

Future trends to watch for include the increasing penetration of digital wallets, the enhancement of contactless payment options, and a potential shift towards a cashless society, which could further reduce the dependency on ATM cash withdrawals.