ATMs lose sheen as mobile payments gain ground

Leading ATM manufacturers in China have been seeing a sharp decline in net profit as the country shifts toward a cashless society driven by momentous progress in financial technology, which has been boosted even further by the COVID-19 outbreak.

In the first half, Guangzhou KingTeller Technology Co Ltd, a high-tech enterprise specializing in financial self-service devices and integrated solutions for the retail banking industry, recorded a year-on-year drop of 55.76 percent in net profit attributable to shareholders to 25.92 million yuan ($3.8 million).

From 2017 to 2019, the company's operating revenue declined year-on-year by 26.1 percent, 30.8 percent and 45.7 percent, respectively.