ATMs may be on borrowed time as data shows consumers are increasingly embracing technology for transactions and moving towards a cashless society.
Analysis of Reserve Bank data by CommSec shows ATM withdrawals are fast declining with a 6.4 per cent fall in March compared to a year ago.
In 2015, ATM withdrawals dropped by a record 7.2 per cent.
CommSec chief economist Craig James said ATM withdrawals had fallen by about seven per cent every year in the past four years.
Innovations in technology, in particular PayPass and Paywave, have drastically reduced the need for people to carry cash.
"This is a significant annual decline and it highlights the trend towards a cashless society," Mr James told AAP.
"There are so many ways people can transact these days and day by day we are seeing new ways to buy things without needing cash, the latest technology being the digital wallet."
People can use their smartphone devices to pay for goods in store much like swiping a debit card.
Banks in the US have been progressively scaling back the number of machines, US Federal Reserve Bank data shows.
While there's no data supporting this trend in Australia, Mr James said there was a strong probability as people inexorably move towards a cashless society.
Debit and credit cards also play a big part in reducing the need for ATMs, he added.
The number of debit card accounts rose by 3.1 per cent to 41.9 million in the year to March, Reserve Bank data shows.
The number of purchases and cash-out transactions made with debit cards in March rose nearly 13 per cent compared to a year ago.
On average, there were 9.3 transactions made per debit card in March, up from 8.6 a year ago, while there was 12.6 transactions per credit card, up from 12.2.
The average value of debit card transactions were about $52 while credit card transactions were about $125.
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