People in Malta have considerably more ATMs at their disposal than their counterparts in the euro area, according to data published by the International Monetary Fund and Central Bank Malta.

In a statement, the bank said that there were 47 per cent more ATMs per capita in Malta than in the euro area. The average for the euro area is 65.1 per 100,000 persons, while in Malta the ratio is 96.

The ATM service in Malta is provided by five local credit institutions and one foreign-licensed financial institution.

A study by the central bank shows that by December of 2019, there were 405 ATM terminals in Malta. The number increases to 434 at certain times of the year since a few terminals are operated seasonally while others are installed temporarily.

The number of ATMs more than doubled over the past decade.

The bank said the shift from cash transactions to online card payments has been amplified by the COVID-19 pandemic as well as by the increased take-up of contactless cards. 

The volume of cash withdrawals using Maltese-issued cards has increased from 10.8 million in 2010 to 13.2 million in 2019, while the value increased from €1.1 billion to €1.9 billion.

Meanwhile, reflecting demographic developments as well as the surge in tourism, the volume and value of transactions using foreign cards increased more sharply - from one million in 2010 to three million transactions in 2019, and €154 million to €402.2 million. 

The average value per ATM cash withdrawal – carried out by resident cards – increased from €110 per transaction in 2010, to €146 per transaction in 2019.