NCR is all set to attain a milestone with installation of 100000th (1 lakh) ATM next month amid increasing mobile and digital payment methods or transaction. NCR is one of the largest manufacturers of automatic teller machine.
NCR hold nearly half of the India market share and is expected to grow at an average of 15-20 percent annually in upcoming next few years as government’s financial inclusion schemes such as Jan Dhan Yojna offer large business opportunities.
“ATMs are likely to be around for a long time. Cashless may become a reality in some regions, but financial inclusion and also the general ability for all access to cash to be used as a secure, trusted, familiar payment method. ATM market is under penetrated in India.” , said Navroze Dastur, MD of NCR Corporation.
“We will be completing installation of 1,00,000th ATM by October, 2016,” he said.
In 2000, the company started operations manufacturing 120 ATMs.
Over a period of time, the company introduced an array of new products including ATMs for visually challenged, bio-metric ATMs, intelligent deposit ATMs.
India has only 130 ATMs per 10 lakh people versus 350/10 lakh in China and 1500/10 lakh in US, an industry estimate showed.
“We expect strong growth in the ATM market in India in the coming years with the total ATM count going up to 4 lakh mark by 2020,” he said.
Recently, HDFC Bank, a large private sector lender, launched APTRA eMarketing initiative, which allows the bank to market all its financial products through the machine. The “10-second loan” campaign is a point in case. NCR is associated with such moves.
Today, a person has to travel 20-50 KM to find a branch withdrawing money, Dastur said adding that government financial inclusion schemes will cater opportutities for ATM manufacturers.
Alternatively, providing them with an ATM between two or three villages in close proximity puts them on the path to financial inclusivity sooner,” he said.
Source : Economic Times