Elderly and Other Financially Vulnerable Groups... Declining Number of ATMs

Song Seok-jun, a member of the People Power Party, is speaking about 'Yangduguyuk (羊頭狗肉)' in reference to the Daejang-dong development during the National Assembly's Land, Infrastructure and Transport Committee's audit of the Korea Land and Housing Corporation held at the National Assembly on the 7th. Photo by Yoon Dong-joo doso7@

[Asia Economy Reporter Lee Ji-eun] It has been revealed that the number of ATMs nationwide has significantly decreased over the past three years, while the number of ATMs in Gyeonggi-do has increased.

Song Seok-jun, a member of the Political Affairs Committee from the People Power Party, cited data submitted by the Bank of Korea on the 16th, stating that the number of ATMs nationwide has continuously decreased over three years, from 119,392 units in 2019 to 117,623 units in 2020, and 117,282 units in 2021.

By region, Seoul experienced the largest decrease in the number of ATMs. Seoul had 21,132 ATMs in 2020, which dropped by 635 units to 20,497 in 2021 compared to the previous year. Following Seoul, Busan decreased by 157 units from 6,976 to 6,819, and Gyeongnam decreased by 154 units from 8,231 to 8,077. Next was Daejeon, which decreased by 72 units from 3,318 to 3,246, and Daegu decreased by 65 units from 5,229 to 5,164.

On the other hand, some areas saw an increase in the number of ATMs. Gyeonggi-do increased by 475 units from 27,455 in 2020 to 27,930 in 2021, and Incheon increased by 136 units from 5,934 to 6,070. Additionally, Chungnam increased by 82 units from 5,874 to 5,956, and Sejong increased by 51 units from 675 to 726.

Meanwhile, as of the end of last year (2021), the number of ATMs installed per unit area (1㎢) was highest in Seoul at 33.9 units, followed by Busan at 8.9 units, Gwangju at 6.7 units, Daejeon at 6.0 units, Daegu at 5.8 units, and Incheon at 5.7 units, with Gangwon having the fewest at 0.3 units.

Representative Song said, "Due to the recent expansion of digital payment methods and the increase in non-face-to-face transactions caused by COVID-19, the number of financial institution branches and ATMs has been continuously decreasing," adding, "It is necessary to devise an efficient cooperative plan among banks to operate ATMs so that ATMs are not redundantly installed or abruptly closed, ensuring that the public’s access to cash and financial services does not weaken."

This content was produced with the assistance of AI translation services.