China is witnessing a dramatic decline in physical bank branches and ATMs as the public increasingly adopts e-payment platforms and banks focus on cost-cutting measures. The closure of bank branches has outpaced new installations, with 1,126 branches shutting down in the first half of this year. The number of ATMs in China also decreased by 8,358 in the first quarter to 837,100.
The popularity of mobile payments and cashless transactions has led to this shift, enabling banks to reduce costs associated with physical locations and staffing. The rise of e-payment platforms has significantly influenced customers’ banking preferences, with many opting for online transactions over in-person services.
The future of banking in China seems to be moving towards digital solutions, as mobile payments become more ubiquitous. The government is also exploring the use of digital currency, although concerns about privacy and adoption barriers persist.
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