Opportunities Preloader

Please Wait.....

Report

India ATM Market Assessment, By Solution [Deployment Solutions, Managed Services], By Application [Withdrawals, Transfers, Deposits], By ATM Type [Conventional ATMs, Brown Label ATMs, White Label ATMs, Smart ATMs, Cash Dispensers], By Region, Opportunities and Forecast, FY2018-FY2032F

Market Report I 2024-07-31 I 140 Pages I Market Xcel - Markets and Data

India ATM market is projected to witness a CAGR of 5.56% during the forecast period FY2025-FY2032, growing from USD 2.05 billion in FY2024 to USD 3.16 billion in FY2032. Factors such as government initiatives, like Pradhan Mantri Jan Dhan Yojana, have dramatically improved financial inclusion and issuance of debit cards, leading to an increased velocity of transactions at ATMs. Advancements in technology have played a crucial role in deploying white-label automated teller machines (ATMs) to facilitate the growth of the ATM network in rural areas. Moreover, a shifting consumer preference in favor of digital payments, coupled with the rising debit card usage, has strengthened the demand for ATM services across India.
An automated teller machine is an electronic banking mode that helps consumers perform several financial activities independent of human tellers. Usually, ATMs are at banks, retail shops, and other places that are easily accessible to the public. ATMs help users withdraw cash and check balances, transfer funds from one account to another, and pay bills. Customers insert a bank card, most commonly a debit or credit card, into the ATM's card reader to initiate a transaction. After entering a personal identification number (PIN), the machine proceeds with a minimal user interface on the display screen. Typically, menus facilitate many kinds of transactions. After selecting the intended or desired transaction, the ATM processes the request safely by dispensing cash or returning a receipt.
According to the Reserve Bank of India Report on Trend and Progress of Banking in India FY2022-FY2023, the total number of on-site and off-site ATMs has risen by 3.5 percent, mainly due to increased white-label ATMs (WLAs).
Government Incentive to Drive India ATM Market Growth
Various initiatives taken by the government of India are pumping growth into the country's ATM market. Pradhan Mantri Jan-Dhan Yojana (PMJDY), initiated in 2014, remains one of the biggest drivers. The financial inclusion initiative was about taking bank accounts to millions of unbanked Indians. Along with opening bank accounts for people, debit cards increased, and so did the transaction volumes amongst ATMs. Furthermore, the government has been increasing financial inclusions through the Direct Benefit Transfer (DBT) initiative, which allows beneficiaries to draw their subsidy and payments directly from ATMs, further expanding the usage of ATMs. The initiatives by RBI on reach expansion, especially in rural areas, have been significant factors in achieving the goal of financial inclusion. It has led to the rampant installation of ATMs across the country by public and private sector banks. The RBI's directive to replace the existing ATMs with lockable cash cassettes has prepared the ground for enhancing the security and efficiency of ATMs. The Make in India initiative commenced by the Modi government in 2020 encourages indigenous production of ATMs, which has been dominated by imports that have been instrumental in averting capacity bottlenecks and have sustained the growth of the Indian market for ATMs.
Technological Advancement to Boost the Market
The impact of adopting new technologies, such as cash recycling machines, has been huge on the ATM industry. Financial institutions are widely using cash recycling machines due to their efficiency in cost savings and capability of depositing and dispensing. These machines reduce the need for manual cash handling and transportation, lowering operational costs. Hence, outsourcing the handling of ATMs to focused providers, who offer services from installation and maintenance to cash management and monitoring, is beneficial. This way, financial institutions can focus on their core business while their ATM network runs efficiently and effectively. It has further resulted in an increased demand for outsourced ATM management services due to the integration of cash recycling machines into ATM networks. To manage such high-end machines, financial institutions require special resources and expertise, which can be easily and effectively assuaged through outsourcing. Thus, with the increasing adoption of cash recycling machines, the demand for outsourced ATM management services is expected to rise further.
In November 2023, Financial Software & Systems Pvt. Ltd., a leading payments technology company, launched IoT and AI/ML-enabled ATMs. It aims to help ATM operators who face thin profit margins and operational inefficiencies associated with managing ATM sites.
ATM Management Services to Drive Future Growth
ATM-managed services have become very popular in India, driven mainly by factors such as the growing number of ATMs, advantages accruing to banks by way of outsourcing ATM operations, and government initiatives on financial inclusion. While the traditional ATM deployment model dominated the market in the historical period, the ATM-managed services model has come to the fore in recent times. The model included outsourcing the operations and maintenance of ATMs to third-party service providers who would take care of activities ranging from cash management to transaction processing and site management. The growth of the ATM-managed services market in India can be related to the fact that the model helps banks reduce operational costs, improves operational efficiency, and focuses on core banking activities. Besides, the instances of ATMs are increasing, probably even extending to rural and semi-urban areas, which has further added to the demand for managed services. Evidence, therefore, proves that ATM-managed services have gained more favor than the traditional ATM deployment model in India.
Conventional ATMs dominate the market
The biggest share of the Indian ATM market belongs to the conventional ATMs, which are owned and operated by banks. Typically, these kinds of ATMs would be located in-branch at different banking branches and would offer services regarding a bank account, from cash withdrawal to balance inquiry and account transfer. They are designed to offer customers with the ease and safety in accessing money, and conducting finances without any direct interaction with the bank staff. Traditional ATMs, present at the bank building, offer facility and ease to the customers to carry out their banking transactions throughout the day with comparative ease while the rest of the branch remains closed to business. It becomes very important in India, where most people still transact in hard cash and may not have access to online or mobile banking channels. The wide reach of traditional ATMs has dramatically improved financial access and inclusion for many millions across the country.
South India Dominates the ATM Market
The southern states of India, in particular, Karnataka and Tamil Nadu, have emerged as the key consumption hotspots for ATM withdrawals. Several factors contribute to the dominating positioning of the region in the India ATM market. The southern states have shown strong economic development powered by various booming industries such as IT and automobile. It has resulted in higher banking and ATM usage among people. Moreover, the region comprises of states with very high literacy rates and higher education qualifications leading to more intensive use of banking services. The conjunction of economic performance, urbanization, and institutional quality has made the southern region an ATM transactions hub.
According to the March 2024 report by the RBI on the state-wise deployment of ATMs CRMs & WLAs, Tamil Nadu tops the list with 30,106 ATMs, CRMs, and WLAs, and Karnataka, Kerala, and Andhra Pradesh is part of these ten states with the highest number of ATMs, CRMs, and WLAs.
Future Market Scenario (FY2025 - FY2032F)
- In the forecast period, India ATM market is set to grow since the country will benefit from the schemes of Financial Inclusion and Jan Dhan Yojana implemented in the country, coupled with the increasing awareness among the population of semi-urban and rural areas for the usage of ATMs.
- With the increase in the number of ATMs in the country, especially in rural and backward areas, there will be an increase in demand for managed services.
- In April 2024, Hitachi Payment Services, the leading provider of payments and commerce solutions in India, announced the plan to introduce the country's first upgradable ATM, manufactured under the Make in India initiative. The upgradable ATM can be transformed into a cash recycling machine with high performance, providing flexibility and efficiency to banks.
Key Players Landscape and Outlook
The India ATM market is highly competitive, and banks are strengthening their positions for massive growth in their ATM market. Changing consumer behavior and increasingly technology-driven banking solutions drive the development of the market. Banks are incorporating the latest technologies in ATMs, such as cash recycling machines that dispense cash and accept deposits, to facilitate operational efficiency. Accordingly, shifting emphasis to technologically advanced ATMs will provide a better customer experience concerning faster, more reliable, and safer banking services. Besides, banks can manage cash with a higher efficiency level, significantly lowering operational costs and drastically reducing the downtime of these new machines. The ATM market in India will proliferate with the dual objectives of achieving customer satisfaction alongside operational efficiency. The trend seems to be a part of the banking sector's broader move toward embracing digital transformation and innovative solutions to remain competitive and meet dynamic consumer needs.
In 2023, AGS Transact Technologies Limited, one of India's prominent integrated omnichannel payment solution providers, announced that it had won orders for over 8,000 ATMs and CRMs under the Managed Services portfolio of two leading banks.

1. Research Methodology
2. Project Scope and Definitions
3. Executive Summary
4. Voice of Customer
4.1. Demographics (Age/Cohort Analysis - Baby Boomers and GenX, Millennials, Gen Z; Gender; Income - Low, Mid and High; Geography; Nationality; etc.)
4.2. Market Awareness and Product Information
4.3. Brand Awareness and Loyalty
4.4. Factors Considered in Purchase Decision
4.4.1. Card Compatibility
4.4.2. Foreign Currency Services
4.4.3. Transaction Fees
4.4.4. Service Type
4.4.5. Security and Trustworthiness
4.4.6. Transaction Speed
4.5. Customer Support
4.6. Deposit Functionality
5. India ATM Market Outlook, FY2018-FY2032F
5.1. Market Size & Forecast
5.1.1. By Value
5.2. By Solution
5.2.1. Deployment Solution
5.2.2. Management Service
5.3. By Application
5.3.1. Withdrawals
5.3.2. Transfers
5.3.3. Deposits
5.4. By ATM Type
5.4.1. Conventional ATMs
5.4.2. Brown Label ATMs
5.4.3. White Label ATMs
5.4.4. Smart ATMs
5.4.5. Cash Dispensers
5.5. By Region
5.5.1. North
5.5.2. South
5.5.3. East
5.5.4. West and Central
5.6. By Company Market Share (%), FY2024
6. Market Mapping, FY2024
6.1. By Solution
6.2. By Application
6.3. By ATM Type
6.4. By Region
7. Macro Environment and Industry Structure
7.1. Supply Demand Analysis
7.2. Regulatory Framework and Compliance
7.2.1. Reserve Bank of India
7.2.2. Securities Exchange Board of India
7.2.3. Insurance and Regulatory Development Authority of India
7.3. Value Chain Analysis
7.4. PESTEL Analysis
7.4.1. Political Factors
7.4.2. Economic System
7.4.3. Social Implications
7.4.4. Technological Advancements
7.4.5. Environmental Impacts
7.4.6. Legal Compliances and Regulatory Policies (Statutory Bodies Included)
7.5. Porter's Five Forces Analysis
7.5.1. Supplier Power
7.5.2. Buyer Power
7.5.3. Substitution Threat
7.5.4. Threat from New Entrant
7.5.5. Competitive Rivalry
8. Market Dynamics
8.1. Growth Drivers
8.2. Growth Inhibitors (Challenges and Restraints)
9. Key Players Landscape
9.1. Competition Matrix of Top Five Market Leaders
9.2. Market Revenue Analysis of Top Five Market Leaders (By Value, FY2024)
9.3. Mergers and Acquisitions/Joint Ventures (If Applicable)
9.4. SWOT Analysis (For Five Market Players)
9.5. Patent Analysis (If Applicable)
10. Maintenance and Servicing Cost
11. Case Studies
12. Key Players Outlook
12.1. Euronet Worldwide, Inc.
12.1.1. Company Details
12.1.2. Key Management Personnel
12.1.3. Products and Services
12.1.4. Financials (As Reported)
12.1.5. Key Market Focus and Geographical Presence
12.1.6. Recent Developments
12.2. NCR Voyix Corporation
12.3. Hitachi Payment Service Private Ltd.
12.4. Diebold Nixdorf, Incorporated
12.5. Tata Communications Payment Solutions Limited
12.6. Writer Business Services Pvt. Ltd.
12.7. Brinks India Private Limited
12.8. AGS Transact Technologies Ltd.
12.9. Hyosung India Private Limited
12.10. FIS Solutions Software India Private Limited
*Companies mentioned above DO NOT hold any order as per market share and can be changed as per information available during research work
13. Strategic Recommendations
14. About Us and Disclaimer

  • Not Sure / Need Reassuring
    • Confirm Content
      • Content is provided by our partners and every effort is made to make Market Report details as clear as possible. If you are not sure the exact content you require is included in this study you can Contact us to double check. To do this you can:

        Use the ‘? ASK A QUESTION’ below the license / prices and to the right of this box. This will come directly to our team who will work on dealing with your request as soon as possible.

        Write to directly on support@scotts-international.com with details. Please include as much information as possible including the name of report or link so our staff will be able to work on you request.

        Telephone us directly on 0048 603 394 346 and an experienced member of team will be on hand to answer.

    • Sample Pages
      • With the vast majority of our partners we can obtain Sample Pages to support your decision. This is something we can arrange without revealing your personal details.

        It is important to note that we will not be able to provide you the exact data or statistics such as Market Size and Forecasts. Sample pages usually confirm the layout or the Categories included in Charts and Graphs, excluding specific data.

        To ask for Sample Pages by contact us through ‘? ASK A QUESTION’, support@scotts-international.com, or by telephoning 0048 603 394 346.

    • Check for Alternatives
      • Whilst we try to make our online platform as easy to use as possible there is always the possibility that a better alternative has not been found in your search.

        To avoid this possibility Contact us through ‘? ASK A QUESTION’, support@scotts-international.com, or by telephoning 0048 603 394 346 and a Senior Team Member can review your requirements and send a list of possibilities with opinions and recommendations.

  • Prices / Formats / Delivery
    • Prices
      • All prices are set by our partners and should be exactly the same as those listed on their own websites. We work on a Revenue share basis ensuring that you never pay more than what is offered elsewhere.

        Should you find the price cheaper on another platform we recommend you to Contact us as we should be able to match this price. You can Contact us though through ‘? ASK A QUESTION’, support@scotts-international.com, or by telephoning 0048 603 394 346.

    • Discounts
      • As we work in close partnership with our Partners from time to time we can secure discounts and assist with negotiations, this is part of our personalised service to you.

        Discounts can sometimes be arranged for speedily placed orders; multiple report purchases or Higher License purchases.

        To check if a Discount is possible please Contact our experienced team through ‘? ASK A QUESTION’, support@scotts-international.com, or by telephoning 0048 603 394 346.

    • Available Currencies
      • Most Market Reports on our platform are listed in USD or EURO based on the wishes of our Partners. To avoid currency fluctuations and potential price differentiations we do not offer the possibility to change the currency online.

        Should you wish to pay in a different currency to that advertised online we do accept payments in USD, EURO, GBP and PLN. The price will be calculated based on the relevant exchange rate taken from our National Bank.

        To pay in a different above currency to that advertised online please Contact our team and a quotation will be sent within a couple of hours with payment details.

    • Licenses
      • License options vary from Partner to Partner as is usually based on the number of Users that will benefitting from the report. It is very important that License ordered is not breached as this could have potential negative consequences for you individually or your employer.

        If you have questions or need confirmation about the specific license we recommend you to Contact us and a detailed explanation will be provided.

    • Global Site License
      • The Global Site License is the most comprehensive license available. By selecting this license, the Market Report can be shared with other ‘Allowed Users’ and any other member of staff from the same organisation regardless of geographic location.

        It is important to note that this may exclude Parent Companies or Subsidiaries.

        If you have questions or need confirmation about the specific license we recommend you to Contact us and a detailed explanation will be provided.

    • Formats
      • The most common format is PDF, however in certain circumstances data may be present in Excel format or Online, especially in the case of Database or Directories. In addition, for certain higher license options a CD may also be provided.

        If you have questions or need clarification about the specific formats we recommend you to Contact us and a detailed explanation will be provided.

    • Delivery
      • Delivery is fulfilled by our partners directly. Once an order has been placed we inform the partner by sharing the delivery email details given in the order process.

        Delivery is usually made within 24 hours of an order being placed, however it may take longer should your order be placed prior to the weekend or if otherwise specified on the Market Report details page. Additionally, if details have been not fully completed in the Order process a delay in delivery is possible.

        If a delay in delivery is expected you will be informed about it immediately.

    • Shipping Charges
      • As most Market Reports are delivered in PDF format we almost never have to add additional Shipping Charges. If, however you are ordering a Higher License service or a specific delivery format (e.g. CD version) charges may apply.

        If you are concerned about additional Shipping Charges we recommend you to Contact us to double check.

  • Ordering
    • By Credit Card
      • We work in Partnership with PayU to ensure payments are made securely in a fast and effortless way. PayU is the e-payments division of Naspers.

        Naspers operates in over 133 International Markets and ranks 3rd Globally in terms of the number of e-commerce customers served.

        For more information on PayU please visit: https://www.payu.pl/en/about-us

    • By Money Transfer
      • If you require an invoice prior to payment, this is possible. To ensure a speedy delivery of the Market Report we require all relevant company details and you agree to maximum payment terms of 30 days from receipt of order.

        With our regular clients deliver of the Market Report can be made prior to receiving payment, however in some circumstances we may ask for payment to be received before arranging for the Market Report to be delivered.

  • Security
    • Website security
      • We have specifically partnered with leading International companies to protect your privacy by using different technologies and processes to ensure security.

        Everything submitted to Scotts International is encrypted via SSL (Secure Socket Layer) and all personal information provided to Scotts International is stored on computer systems with limited access in controlled environments.

    • Credit Card Security
      • We partner with PayU (https://www.payu.pl/en/about-us) to ensure all credit card payments are made securely in a fast and effortless way.

        PayU offers 250+ various payment channels and eWallet services across 4 continents allowing buyers to pay electronically, whether on a computer or a mobile device.

PLEASE SELECT LICENSE
  • $3300.00
  • $4500.00
  • $7000.00
  • ADD TO BASKET
  • BUY NOW