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Business trends

Cashless payment booms in China and India spell end of the ATM

Growth of fintech pressures banks to revise their business models or perish

India has the third-largest network of ATMs, but growth has "slowed considerably."   © Reuters

TOKYO -- The number of ATMs worldwide has started falling as big economies increasingly go cashless.

With cash payments declining, banks are having to quickly rethink their business models to survive. Cashless technologies like cryptocurrencies and QR codes are radically changing the competitive dynamics of the financial services industry and raising new challenges for regulators.

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