The number of ATMs has dropped globally for the first time as demand for cash decreases.

That’s according to new research from the strategic research and consulting services firm RBR that shows the number of ATMs installed worldwide fell by 1 percent in 2018, settling at 3.24 million, mainly as a result of branch closures and the rising popularity of mobile payments.

ATM numbers dropped in four of the five largest markets in 2018, according to the report.

More than half the world’s ATMs are found in just five countries: China, the U.S., Japan, India and Brazil. All saw a decline except for India, where growth slowed considerably. While the outcome was the same, each of these markets had its own reasons for the removal of ATMs.

In China, the swift adoption of non-cash payments has contributed to a similarly rapid fall in ATM installations. Branch closures have led to fewer bank ATMs in the U.S., while expansion in India was stifled as some retailers chose to withdraw machines rather than upgrade to EMV standards. The Japanese market shrank for the first time since 2009, as banks attempt to improve operational efficiency via increased ATM sharing. This is reminiscent of Brazilian trends in recent years, although in 2018 the removal of around 1,200 terminals in Brazil was primarily due to banks reacting to a surge in the use of digital channels.

Despite these findings, RBR’s study shows that ATM numbers have actually grown in most countries; in particular financial inclusion initiatives continue to bolster ATM growth in developing markets across the Asia-Pacific, the Middle East, Africa and Latin America.

With this pattern expected to continue over the next few years, the global ATM total is set to fall slowly, to 3.22 million in 2024, RBR projects.