Automated teller machine (ATM) manufacturer NCR Corporation is planning to add 15,000 ATMs in during the current financial year, managing director Navroze Dastur said
Automated teller machine (ATM) manufacturer NCR Corporation is planning to add 15,000 ATMs in during the current financial year, managing director Navroze Dastur said, adding that the company expects to maintain its share of 48% in the ATM market.
According to Dastur, there are 2.2 lakh ATMs in India, of which one lakh belong to NCR. “Most of the banks tend to add more ATMs in the March quarter every year, and therefore, we are expecting to add more ATMs in the last three months of FY17,” he said.
Dastur said while ATMs have typically been used for withdrawing cash in India, global customers use it for far many things such as paying utility bills. “In India, some of our clients are using NCR ATM to promote banking products like loans, insurance and mutual funds,” he said, adding that some are also using it to deposit cash and cheques.
Asked if ATMs will lose relevance in the age of mobile payments and other avenues of digital transactions, Dastur said rural customers who now have Jan Dhan bank accounts along with debit cards, access to ATMs more than than a bank branch. “In the absence of adequate branches in non-metro areas, customers will prefer ATMs which have greater penetration.”
According to Dastur, the company has just begun tapping the retail market in India and have tied with Burger King to provide software for inventory management and other back-end processes. Companies such as IKEA and Walmart are in the pipeline. “We have just started the retail segment in India and are looking at global brands like IKEA, Walmart, Forever 21, among others,” Dastur said.