India ATM Managed Services Market is Driven by Increasing Banked Population and Growing Interdependence on Cash Management Companies: Ken Research

• Increasing number of outdated ATMs will drive the demand for ATM managed companies to replace the old ATMs with advanced ATMs.
• Growth in debit cards and increasing direct benefit transfers will lead to surge in cash withdrawal and a higher demand for ATMs in future, which will imply banks to outsource more number of ATMs.

India ATM Managed Services market presents a compelling potential in the future albeit few challenges due to digitization and government intervention to make India a less cash based economy. Cash has always stayed King in the country where more than 70% of the financial transactions are cash based. Though recent development such as demonetization had a momentarily impact on the space, its affect quickly allayed with before demonetization period amount of cash in circulation again. The number of financial and non financial transactions performed in an ATM will shoot up in future with the introduction of machines such as bunch note acceptor and cash recyclers in the market. As, these machines allows various other features other than cash withdrawal such as cash deposit, updating passbook, user KYC and others will augment the growth of India ATM Managed Services market.

ATM recycling machines will increase in future and banks would be outsourcing these machines as well. However, interoperability will be a game changer. This will double the number of transactions with lower CRA cost which will therefore increase the demand of management service providers.

Increasing use of digital payment apps in future will decline the non financial transactions as it will allow people to check their account balance and keep a track record of their past transactions. However, total number of financial transaction in an ATM will increase in future as in India majority of the people still depends on cash transaction as compared to making digital payments. This will further led to increase in demand of cash management service in India.

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.

For more information about the research report, refer to below link:
https://www.kenresearch.com/banking-financial-services-and-insurance/banking/india-atm-management-services-market/153175-93.html

Related Reports
https://www.kenresearch.com/productsearch.html?searchKey=India+Financial+Brokerage+Market+Outlook+to+2020+-+Evolvement+of+Discount+Brokers+and+Robust+Trading+Volume+to+Prosper+Market+Growth++

https://www.kenresearch.ae/productsearch.php?searchKey=India+Online+Loans+Market+Outlook+to+2019+-+Industry+Transformation+by+the+Advent+of+Web+Aggregators+

Contact Us:
Ken Research
Ankur Gupta, Head Marketing & Communications
Ankur@kenresearch.com
+91-9015378249

Ken Research Pvt. Ltd.,
Unit 14, Tower B3, Spaze I Tech Business Park, Sohna Road, sector 49 Gurgaon, Haryana - 122001, India

Ken Research is a Global aggregator and publisher of Market intelligence, equity and economy reports. We provides business intelligence and operational advisory in 300+ verticals underscoring disruptive technologies, emerging business models with precedent analysis and success case studies.

This release was published on openPR.