Tuvalu, with a population of around 12,000 people, has officially launched its first automated teller machines (ATMs) and electronic payment system in a move that marks a major milestone in the nation's financial future.
Until now, residents have had to queue at the country's only bank, with long lines often forming outside the National Bank of Tuvalu, particularly on paydays when it closes at 2pm.
This week, the Tuvalu government rolled out five ATMs and 30 EFTPOS terminals across its capital city, Funafuti.
The $3 million initiative is designed to bring more accessible banking options to the locals, many of whom have had to rely exclusively on cash.
Tuvaluan Prime Minister Feleti Teo celebrated the country's new system as a "significant milestone".
Siose Teo, general manager of the National Bank of Tuvalu, described the launch as a "transformative step" that he believes will help unlock new opportunities for the economic empowerment of Tuvalu’s people.
Australia's ATM closures
In Australia, the number of ATMs has been steadily declining.
In 2019, there were 29,348 ATMs across the country.
By March 2024, that number had dropped to 23,518 — reflecting a growing shift in how Australians choose to pay.
With contactless and other digital payment methods becoming more popular, fewer people are using cash, and fewer are visiting ATMs.
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