In 2023, the number of ATM cash withdrawals in Indonesia stood at 4.43 billion units. The year-on-year variation over the last two years showed a 3% increase in 2023, following a decline of 1.76% in 2022. Analyzing the last five years, the compound annual growth rate (CAGR) was 2.79%.
Key Observations:
- 2013-2017: Consistent growth with year-on-year variations between 6.43% to 17.85%, resulting in a notable CAGR of around 12.14% by 2017.
- 2017-2019: Slower growth, with a minor peak in 2018 followed by minimal growth in 2019 and a CAGR of 8.04% by 2019.
- 2020: Significant decline (-14.08%) likely due to the COVID-19 pandemic.
- 2021-2023: Recovery period with substantial growth in 2021 (30.71%), stabilizing somewhat in subsequent years.
Future Trends to Watch:
- Continued shift towards digital banking and cashless transactions may decelerate ATM cash withdrawals.
- Projected long-term growth rate of 2.21% CAGR over the next five years, reaching 5.12 billion units by 2028, indicating a slower yet steady increase.
- Monitoring potential impacts of fintech innovations and economic factors on traditional banking behaviors will be crucial.
