New NCR Atleos U.S. Research Shows Strength of Cash and Its Critical Role in Financial Inclusion

WHY THIS MATTERS: The data unveiled by NCR Atleos delivers a harsh dose of reality to the “cashless society” narrative that dominates the modern payments landscape. This isn’t just about consumer preference for physical currency; it’s an urgent statement on financial inclusion. As major financial institutions aggressively shutter physical branches, the responsibility for maintaining essential cash infrastructure is increasingly shifting to independent networks and retailers. The key finding that ATMs in Low-to-Moderate Income (LMI) areas significantly outperform those in wealthier neighborhoods (seeing 38% more transactions per machine) is the most important takeaway. It underscores that for millions of Americans, cash remains a vital mechanism for certainty, budgeting discipline, and immediate payments. For financial institutions rethinking their physical footprints, the strategic implication is clear: optimizing self-service financial access in underserved communities is crucial to avoid exacerbating banking deserts and uphold an ethical commitment to consumer choice. This evolution of cash is demanding a more resilient, equitable distribution model

NCR Atleos Corporation (NYSE: NATL) (“Atleos”), a leader in expanding self-service financial access for financial institutions, retailers and consumers, unveiled new research that informs the discussion around the staying power of cash usage across the U.S. payment landscape. Leveraging proprietary insights from its network—the largest independently owned and operated ATM network in the country—the Atleos report shows that cash plays a vital role for millions of Americans, especially in communities that depend on reliable cash access.

Atleos network data indicates rising consumer demand across multiple markets and retail verticals, with more transactions and higher withdrawal totals per unit. The analysis also finds that ATMs in low-to-moderate income (LMI) neighborhoods (as defined by banking regulators) see 38% more transactions per machine than those in affluent areas, despite affluent areas hosting roughly twice as many ATMs. Average withdrawal amounts are similar, underscoring that demand for cash crosses socioeconomic lines.

Key points

• Cash is not disappearing—it’s evolving: Consumers continue to use cash for small-value purchases, budgeting discipline, and as a dependable fallback when digital channels fail

• This is supported by the Federal Reserve Financial Services 2025 Diary of Consumer Payment Choice

• LMI* areas consistently outperform: Across all 20 metros analyzed, LMI locations outpaced affluent ones in transaction volume per machine, highlighting an opportunity to expand access and prevent banking deserts

• Consumer value is increasing: Atleos ATMs are handling more transactions per device and higher total withdrawal dollars, reflecting growing consumer reliance on the network as branches and banks emphasize self-service

• More than half of Atleos transactions are surcharge-free to consumers in the U.S.

• There are strategic implications: Banks, credit unions and retailers can bolster financial inclusion and resilience by optimizing ATM coverage, particularly in underserved areas

“Being part of a mission-driven industry—expanding access and retaining choice for consumers—is important to our customers and employees,” said Ben Bregman, SVP of Solutions for Atleos. “Cash is a foundational part of how millions of Americans manage their finances, especially in communities where cash is preferred for its certainty and immediacy as a payment mechanism. As financial institutions rethink their physical footprints, ensuring reliable access to cash is essential for equity, inclusion, and consumer choice. Atleos is committed to delivering the solutions that keep that access strong and sustainable.

FF NEWS TAKE: The NCR Atleos research decisively moves the needle by providing quantitative evidence against the widespread assumption of cash decline. The clear statistical outperformance of machines in LMI areas highlights a major financial inclusion risk, validating the need for banks to strategically invest in external ATM networks. We believe this data will accelerate the trend of financial institutions outsourcing their physical channel needs. The essential watch point is the commitment of national retailers to partner with ATM providers to proactively expand access, turning potential banking deserts into reliable cash points for the underbanked.

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