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ATM numbers are set to drop (Image: Shutterstock).

The number of ATMs in the world will shrink in the next few years largely due to declining demand for cash in China, but ATM markets in most other countries will actually grow, according to predictions from banking research and consulting firm RBR.

The London-based firm said the number of ATMs installed worldwide will drop from a peak of 3.28 million in 2017 to 3.23 million by the end of 2023, largely because in China — the world’s largest ATM market — a growing middle class is rapidly embracing digital payments, which is reducing the demand for cash.

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Tina Orem

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