Automated Teller Machine (ATM) enables users to do transactions at any time. It provides convenience users to withdraw money when banks are closed. Though banks provide pin and CVV, frauds and card skimming are creating problems in lives of users. But, ATM industry is moving toward more time efficient and secure way of transactions. A new service called contactless ATM has been introduced, which enables users to withdraw cash using smartphones. Contactless ATM, also known as eATM are paving way in the world. Contactless ATM services enable users to access without debit cards. The service has been put into practice in countries, such as Canada and Spain. Banks in U.S. are endeavoring to bring contactless ATM services with the help of mobile payment services, such as Apple Pay and Android Pay. Banks, such as Chase, Bank of America, and Wells Fargo are planning to create NFC-equipped ATMs. Chase is launching their program in two phases.
Chase spokesman Michael Fusco said, "This doesn’t replace the debit card. It’s just giving customers a more convenient choice in case they don’t have their debit card on them.” It is difficult to crack the encryption used in mobile payment services by Apple and Google. So, the adoption of this service would reduce frauds and card skimming. Demand for automated systems, innovation in existing technology, introduction of wireless communication in ATM industry are key driving factors in ATM industry. Technological advancement present new avenues in the ATM industry.Popular types of ATMs are conventional ATMs, brown ATMs, white ATMs, cash Dispensers, and smart ATMs. Diebold Inc. had launched the first smart ATM in Asia in 2013, followed by Fujitsu in Europe in 2014. An ATM machine in Zagreb (Croatia) is the first machine in Croatia that dispenses euro currency notes. Croatian Kuna is the national currency. Users have to pay service charge to withdraw money from foreign cards in Croatia. Now, users can withdraw up to 500 euros in a day using Maestro or Visa electronic International Zaba cards. The service is free until the end of the March 2016. Five Croatian Kuna per transaction will be charged to users from April 2016.
Stargroup, a leading ATM machine operator in Australia, registered 50% increase in revenue generated by ATM machines in the December quarter. The company had 120 ATM machines on Australian streets in November and it grew up to 220 in December. The number increased after integration of Cash Plus ATM machine network. Stargroup CEO and Executive Chairman Todd Zani said, “Whilst this quarter’s results only included one month’s worth of integration of the Cash Plus Australia acquisition in December, they have also been positively impacted by the ramp up of our existing ATM network as customers become familiar with our locations.” Mr. Zani emphasizes on installing ATM machines at high quality sites from where the company can yield acceptable returns on investments.
Many reports have been published in the market that reveal important insights about ATM market. Allied Market Research has published a report titled “World ATM Market - Opportunities and Forecasts, 2013 – 2020.” As per the report, the world ATM market is expected to grow at a CAGR of 7.6% from 2014 to 2020 and expected to reach $21.9 billion by 2020. The report offers an extensive analysis of leading manufacturers, detailed segmentation, and key drivers & opportunities. The report also discusses current and future market trends along with strategies formulated by key market players to reinforce their position in the market.
Leading manufacturers operating in the market are Diebold Inc. (U.S.), NCR Corporation (U.S.), Wincor Nixdorf AG (Germany), Triton Systems of Delaware LLC (U.S.), GRGBanking (China), Hitachi-Omron Terminal Solutions Corporation (Japan), HESS Cash Systems GmbH & Co. (Germany), Fujitsu (Japan), Euronet Worldwide Inc. (U.S.), and Nautilus Hyosung (South Korea).
Read complete report at: https://www.alliedmarketresearch.com/automated-teller-machine-ATM-market
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