Australian ATMs on brink of extinction

Australians are turning their backs on ATMs, choosing instead the convenience of new contactless methods of payment such as 'tap and go'.

Australians are ditching ATM withdrawals. Source: AAP

Australia's ATMs may be heading for extinction, with the rise of more convenient payment methods pushing cash machine withdrawals to a five year low.

ATM withdrawals have been declining since 2012, according to finder.com.au analysis of Reserve Bank of Australia data, representing a drop of almost a fifth of cash withdrawals.

Australians are choosing to use new contactless payment methods, including `tap and go' and mobile payment instead of ATMs, which do not require pin codes for transactions under $100.