India ATM Cash Management Services Market is Driven by Increasing Penetration of ATMs in Rural Areas coupled with Growth in Financial Transaction in ATMs: Ken Research Financial Inclusion scheme introduced by Indian Government has led to surge in demand for installation of new ATMs which further aided the expansion of India ATM Cash Management Services Market. Analysts at Ken Research in their latest publication “India ATM Cash Management Market Forecast to 2023 - by ATM Replenishment, Cash in Transit, Cash Pickup and Delivery and Vaulting Services, Bullion Management, and Cash Processing� believe that promoting better regulations, setting up ATMs in rural areas and focusing towards timely ATM replenishment will aid the India ATM Cash Management Services Market.
Currently, ATMs are majorly concentrated in cities and urban areas, whereas very low penetration was observed in rural areas of the country. Efforts towards increasing ATM penetration and to increase the efficiency of existing ATM machines have made India one of the largest markets for ATM deployment in Asia. whereas, White Label ATM companies are largely focusing on rural areas as demand for cash is increasing in that area due to Pradhan Mantri Jan-Dhan Yojana (PMJDY) in which people are encouraged to open bank account at zero balance which is driving the demand for debit card transactions in rural areas. Growth in white label ATM installations in rural areas will expand the market for India ATM Cash Management Services. As of May 31st, 2017 new RBI circular has mandated banks to upgrade the OS and security feature of non-compliant ATMs. The need to improve efficiency in cash handling through improved hardware, has contributed to the replacement demand for ATMs in India. Many cash dispensers are now being replaced with cash recyclers to improve the efficiency in cash replenishment in India. However, increase in number of financial transaction at ATMS majorly due to dependency of people towards cash drives the demand for ATM cash management services market. Whereas, non-financial