Payment Ponderings - A GPC Blog

Data analytics has emerged as a powerful tool for businesses across various industries, and independently-run ATM operations in Canada are no different. By harnessing the wealth of data generated by ATMs, operators can gain valuable insights that enable them to make informed decisions, optimize operations, and ultimately increase revenue. Let’s explore how data analytics can be leveraged to drive revenue growth for independent ATM operators in Canada.

Dynamic Currency Conversion (DCC) is a process that allows cardholders to choose the currency they want to use for their international transactions. When a cardholder is traveling abroad and makes a transaction in a foreign currency, the transaction is automatically converted into their home currency at the point of sale or ATM. This is done using a currency conversion rate that is determined by the card issuer or the ATM operator. It is a feature that has been gaining traction in recent years and can be very beneficial to Canadian ISOs. Let’s take a closer look.

The now three-year-old pandemic accelerated chatter in the payments world that cash was quickly going to become irrelevant in today’s society. The use of card payments, online payments and contactless everything trended upwards at an accelerated rate. Indeed, businesses whose main stream of income was cash-related, suffered serious blows. Many were forced to pivot their business models, but the pandemic was devastating to those whose business was dependent on cash.

The not-so-distant pandemic had everyone thinking that cash was on its way out. The use of card payments, online payments and contactless everything trended upwards at an accelerated rate. Indeed, businesses whose main stream of income was cash-related, suffered serious blows. Many were forced to pivot their business models, but the pandemic was devastating to those for whom this was not an option.

Cybercriminals targeting ATMs and POS machines had to take a break with the rest of the world during the pandemic as worldwide lockdowns forced the closures of brick-and-mortar businesses, restaurants and stores. Online business surged and in-person cash and card transactions dipped. However, two years on, as business returns to normal and people go back to pre-pandemic ways of spending, the cybercriminals are back and, it seems, with a vengeance!

Despite the skeptics and the critics, cryptocurrencies are here to stay. For a little while longer, at least! If you have been interested in the concept for a while or are just starting to figure things out, you may be wondering how you can take advantage while it’s still a hot topic. As ATM operators, there is an added revenue opportunity that arises with the widespread interest in getting on the cryptocurrency train. According to Coin ATM Radar, there are more than 35,000 Bitcoin ATMS – or BTMs – in the US, and over 2,500 in Canada. Here's what you need to know.

While vending kiosks held the largest share of the interactive kiosk market in 2021, the market for banking and financial services kiosks is expected to witness the highest growth of the Compounded Annual Rate of Growth (CARG) of 6.3% by 2027. The sector is projected to grow from USD 28.8 billion in 2022 to 39.2 billion by 2027.

With all of the attention these days, and particularly following recent global events, on the rise of digital payments and businesses going cashless, you may be wondering what sort of role cash and ATMs will play in the future. Are ATMs still relevant? Will they be in 10 years’ time? As a company that pushes digital payments as the way of the future, we also recognise the very real present and future demands for ATMs and smart ATMs. Here, we consider some of the issues.