In recent years, with the rise of mobile payments such as WeChat and Alipay, the use of ATMs in China is gradually decreasing. In the first half of the year, the number of ATMs nationwide decreased by more than 40,000, according to the latest payment system report from China's central bank.
According to the report by the People's Bank of China, in the second quarter of this year, the number of mobile payments processed by China's major banks increased by 26.99 percent year-on-year, while the number of online payments processed by non-bank payment institutions increased by 14.48 percent.
Banks are gradually replacing ATMs with more versatile and lower-cost cabinets, according to CCTV.
The decline of ATM machines has been particularly hard hit by related manufacturing service providers, and a number of ATM machine manufacturers have gradually felt the pressure of the market and are in dire need of transformation.
Several listed companies producing ATMs in China's A-share market saw their performance still decline in the first half of this year.
According to the data, the gross profit margin of ATMs and other financial equipment is declining, with some companies selling ATMs to banks at a gross profit margin of around 2%, down more than 20% from last year.
In response, most ATM makers said in their announcements that they have been actively transforming their companies.Providing digital currency application technology solutions, ATM operation services, and intelligent transportation have become the main directions of transformation.