Increasing number of
outdated ATMs has led to surge in demand for latest and upgraded technology driven
ATMs which led to expansion of India ATM Managed Services Market.
Analysts at Ken Research in their latest publication, “India ATM Market Outlook to 2023 – By ATM Supply,
Managed Services (ATM Repair, Maintenance and Other Services, Transaction
Processing, Cash Reconciliation Statement, Content and Electronic Journal
Management) & Cash Management (ATM Replenishment, CIT, CPD)”
believe that promoting better regulations, setting up biometric ATMs in rural
areas and focusing towards hybrid business models will aid the India ATM
Managed Services Market.
India ATM Managed Services market is expected to register
positive CAGR of around 6.7% during the period FY’2018-FY’2023 in terms of
revenue. ATM repair and maintenance along with cash management services will expect
to have positive impact on overall revenue generation for the India ATM Managed
Services market.
Currently ATMs are majorly concentrated in cities and urban
areas, whereas very low penetration was observed in rural areas of the country.
As a result of which, it is skewed toward the most developed states: Tamil
Nadu, Karnataka and Maharashtra have high ATM penetration, while large but less
developed states like Rajasthan, Uttar Pradesh and Bihar are well below the
national average in terms of ATM penetration. The Government of India through its
various schemes has helped to bridge these gaps and provide broader access to
local residents. Efforts towards increasing ATM penetration and to increase the
efficiency of existing ATM machines have made India one of the largest markets
for ATM deployment in Asia. White Label ATM companies are largely focusing on
rural areas as demand for cash is increasing in that area due to Pradhan Mantri
Jan-Dhan Yojana (PMJDY) in which people are encouraged to open bank account at
zero balance which driven the demand for debit card transactions in rural areas
majorly. These entities are increasing the existence of ATM services in rural
areas.
As of May 31st, 2017 new RBI circular has mandated
banks to upgrade the OS and security feature of non-compliant ATMs. It is
reported that majority of the ATMs in India were running on outdated operating
systems, thus making them vulnerable to cyber-attacks. Increasing security
threats to the cash in ATMs, and the need to improve efficiency in cash
handling through improved hardware, has contributed to the replacement demand
for ATMs in India. Many cash dispensers are now being replaced with cash
recyclers to improve the efficiency in cash replenishment in India.
For more information on the research report,
refer to below link:-
Related Reports:-
Contact Us:
Ken Research
Ankur Gupta, Head Marketing & Communications
Sales@kenresearch.com
+91-9015378249
Ken Research
Ankur Gupta, Head Marketing & Communications
Sales@kenresearch.com
+91-9015378249
