Saturday, February 24, 2024

Email id:, Contact Us : +91-9871552944

Home Banking Financial Services and Insurance Banking Cash Is The Most Often Used Form Of Payment In India Than...

Cash Is The Most Often Used Form Of Payment In India Than In Any Other Nation Which Is One Of The Major Driving Forces For Growth Of ATM Managed Services – Ken Research

Number of ATMs in India1. Decline in ATM Transactions during Covid Pandemic

Major Indian economic sectors have been affected negatively by the COVID-19 epidemic, with manufacturing, auto, retail, aviation, and hospitality suffering the most from the lockdown imposed in the country. This has thus had an impact on the quickly expanding digital payments industry. Temporary shutdown of businesses, travel restrictions and a decline in consumer discretionary spending are all having a negative influence on payments across the country. Since March 2020, COVID-19 has been influencing the ATM industry, which has decreased the number of transactions witnessed at the ATMs during lockdown. In April 2020, while the COVID shutdown was in effect throughout the nation, ATM transactions decreased and reached a record low.

2. Post Pandemic Business Dynamics in the ATM managed services in India

ATM Manufacturing Companies in India Graph

Request For Sample Report @

Usage of ATMs has seen a decline in April. However, it is starting to increase in light of relaxation in lockdown and opening of the various marketplaces as the people in country are inclined towards the cash transactions. The fear of uncertainty over the pandemic situation had fueled the need to hoard cash to manage unforeseen circumstances. However, going forward, the usage reduced due to the risk of transmission of viruses via the exchange of currency notes. But as we go on in the future, the banks will likely deploy more ATMs throughout the projection period as a result of the increase in interchange fees, which is anticipated to encourage the development of MSPs in the nation.

3. ATM Managed Services Market growth in India is also supported by Socio-Economic Factors

Over the past ten years, India’s ATM business has experienced extraordinary growth. The country’s economic expansion, an increase in income levels primarily in metropolitan areas as a result of an increase in employment prospects, and the transition from class banking to mass banking have all contributed to the growth of the ATM business in recent years. The increasing internet penetration across India has accelerated the demand for digital banking.  India is one of the greatest markets for ATM deployment in Asia as a result of efforts to expand ATM penetration and improve the performance of current ATM machines.

number of atm deployed in india

For more insights on the market intelligence, refer to the link below:-

India ATM Managed Services Market


Vending Machines: Chugging Toward Convenience or Facing a Cash Crunch?

The humble vending machine, a ubiquitous fixture in airports, offices, and even schools, might seem like a relic of a bygone era. But don't...

The Booming Mobile Phone and Accessories Market in 2024

Our smartphones have become much more than just communication tools. They're portable entertainment hubs, workspaces, and even health trackers. This ever-increasing reliance on these...

Navigating the Evolving Landscape: An In-Depth Exploration of the ATM Industry and Future Trends

In an era marked by technological dynamism, the Automated Teller Machine (ATM) industry stands as a cornerstone of financial services. This comprehensive blog will...

Most Popular

Skin Care Market Segmentation: Unveiling Needs and Targeting Strategies

The skincare market is a vast and ever-evolving landscape, encompassing a diverse range of products and catering to a multitude of needs. To navigate this complex...

Biopsy Devices Market Size, Share, Trends & Forecast 2029

The global Biopsy Devices Market is set to experience robust growth in the coming years, driven by a combination of factors such as increasing...

A Growing Industry of Protected Cultivation, Insights on Share and Growth

Introduction to Protected Cultivation Protected cultivation, also known as greenhouse farming, revolutionizes traditional agricultural practices by providing controlled environments for optimal plant growth. This article...

Emerging Trends in Indian Test Prep Market: AI, AR, and the Future of Learning

In the bustling realm of India's education sector, the test preparation market stands as a pivotal domain, shaping the academic journeys of millions of...