GS25 to increase ATMs numbers at its stores to over 14,000 by 2024

[Courtesy of GS25]

South Korean convenience store chain GS25 announced Thursday that it will expand the number of automated teller machines (ATMs) to more than 14,000 by 2024.

Convenience stores are filling the service gap created by the declining number ATMs installed at commercial banks amid a fall in cash use and the rise of online banking.

The number of ATMs installed at the five largest commercial banks—KB Kookmin, Shinhan, Hana, Woori, and NongHyup—was 23,730 at the end of 2022, with an average of 1,842 ATMs disappearing every year since 2018.

On the other hand, the number of ATMs installed at GS25 has been increasing annually to 13,261 in September 2023 from 11,602 in 2020.

GS25 plans to increase the number of ATMs to 13,500 by the end of this year and to more than 14,000 in 2024.

By the end of this year, the number of deposits, withdrawals and transfers using GS25’s ATMs is expected to hit 40 million with a total transaction value of 10 trillion won ($7.38 billion). This means 100,000 ATM transactions will be taking place at GS25 every day.

To cater to this demand, GS25 increased the number of ATM-installed stores and has partnered with commercial banks to waive ATM transaction fees since 2017.

The convenience chain is also introducing specialized stores that combine grocery shopping and financial services. GS25 plans to install ATMs to fill the gap in financial services, increase customer convenience, and boost merchant sales by increasing customer traffic.