1. 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
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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.
For more insights on the market intelligence, refer to the link below:-
India ATM Managed Services Market
