Westford, USA, Oct. 18, 2022 (GLOBE NEWSWIRE) -- Over the past several years, there has been a significant increase in the demand for ATMs. This is likely due to several factors, including an increase in the number of people spending money electronically and the widespread use of debit cards. Institutions that offer ATMs are likely to do well over the long term, as consumers continue to demand them.
Despite that there are several different types of ATMs available on the ATM market, the popularity of ATM usage is growing. In fact, JPMorgan Chase expects that global ATM transactions reached $12.6 trillion in 2021. While this number may seem modest at first, it is still a testament to how popular ATMs have become. Currently, there are over 3.1 million ATMs around the globe.
ATM services are convenient, fast and relatively safe. They are also typically more affordable than other methods of making a purchase. Additionally, they can be useful for withdrawing cash when consumers don't have access to an account or credit card.
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Overall, usage in the global ATM market is on the rise because it offers many advantages over other payment methods. There is no doubt that the demand for ATM services will continue to grow in the future as more people make use of them for their everyday transactions.
Expansion in undeveloped markets: Developing economies are witnessing rapid growth in ATM deployments as consumers switch from using cash to using plastic cards or digital wallets. In terms of country-level trends, China and India are expected to be the fastest growing region for ATM market over the next few years owing to its large population and rapidly expanding ecommerce sector.
SkyQuest’s analysis of ATM market provides detailed insights into current trends and future prospects across several regions including developed and developing economies. Overall, our study reaffirms existing beliefs that there is significant opportunity for both investors and operators in the ATMs market.
SkyQuest’s Analysis of Global ATM Market
SkyQuest has been closely monitoring the ATM industry and its potential effects on the global economy. The banking sector is the biggest user of ATM technology, accounting for approximately 65% of total ATM transactions worldwide. The global ATM market is divided into two types: in-network (inside banks) and out-of-network (outside banks). In-network machines generated 57% more revenue than out-of-network machines; however, out-of-network machines generated a higher net margin due to higher Merchant Service Fees (MSF).
Currently, there are over 2.1 million in-network machines and over 1 million out-of-network machines across the global ATM Market.
Our recent study found that banks are spending more money on ATM infrastructure than ever before, demonstrating their confidence in the future of ATMs. While this may be good news for consumers, the increase in investment could have negative consequences if not managed properly.
In order to ensure that ATMs function as engines of economic growth, rather than burdensome expenses, policymakers in the ATM market will need to ensure effective technology transfer and financial regulatory reforms. In addition, prudent risk management will be essential to maintain stability in the bank funding environment. In short, while ATMs are a valuable resource for banks and consumers alike, they must be handled with care in order to avoid impacting overall global economic performance.
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Rapid Shift to Online Payment and POS Could Disrupt the ATM Market
Despite the positive trends, there are some challenges facing the ATM market. One issue is that competition from online and phone-based banking is growing increasingly fierce, particularly in developed markets such as North America and Europe where traditional banks are trying to fend off challengers such as Amazon and Apple Pay. Another challenge lies with fraud prevention; while chip and PIN technology has substantially reduced losses due to card fraud, legacy magstripe cards remain vulnerable to criminal attacks.
Cash may be declining in popularity because of its association with crime and corruption. For instance, in India where 60% of all retail transactions are conducted in cash, the government has been encouraging the use of plastic money as part of its efforts to reduce graft and promote economic growth.
Competition from online platforms is also restraining the ATM market. Many traditional banks are starting to offer their customers access to online banking platforms that allow them to make payments using a variety of methods, including credit cards and electronic wallets. This is creating a fierce competition for market share between these banks and online payment providers like PayPal Holdings Inc., Square Inc., and Apple Inc. These companies are able to offer low-cost transactions because they don't have to pay transaction fees associated with traditional point-of-sale systems. This puts them at an advantage over banks who must recover these costs through higher prices
Merchants in the global ATM market have been another key factor impacting the market growth over the past few years. According to SkyQuest, this is attributable to two factors: firstly, merchants perceive POS and online payment as an increasingly secure form of payment; and secondly, they consider them a cost-effective way to increase liquidity levels in their respective ecosystems. In order to accommodate growing demand from merchants and maintain operational efficiencies, issuers are often keen to adopt innovative technologies that facilitate faster transaction processing times.
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Top Players in Global ATM Market
- Diebold Inc.
- Wincor Nixdorf AG
- NCR Corporation
- Triton Systems of Delaware
- Hitachi-Omron Terminal Solutions
- GRG Banking Equipment Co. Ltd.
- OKI Electric Industry co. Ltd.
- Nautilus Hyosung Corporation
- HESS Cash Systems GmbH & Co KG
- Fujitsu Ltd.
- Euronet Worldwide
- Brink's Company
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