Automated teller machines (ATM) enhance managing an account and money-related administrations, for example, reserves exchange, money withdrawal, money stores, smaller than normal articulations, charge installments by charge or Visas and other financial enquiries. These administrations are prepared by confirming plastic card having with magnetic strip containing client identity and personal identification number (PIN). Initially, the ATM was only used in administering money and financial records. Banks are utilizing these machines to draw in clients and serve them outside the banking hall too. Irrespective of time and geography, an ATM allows users to make cash transactions using the plastic card.
The transactions can be performed entering the personal identification number of the card, the expiry date of the card, in the case of any online transaction. All the numeric combinations are unique for every respective card and its user.
The market drivers for the next-gen ATM are transition from class banking to mass banking, increased interest of users for self-service channels, rise in GDP, increasing demand of replacing the ATMS in the developed countries, continuous development scope in developing countries. Also, these machines are known to reduce the workload of the bank staffs and help avoid long queues for cash deposits, withdrawals, and cash transfer. However, online fraud, thefts, and network connectivity restraint the growth of the market.
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The market for next-gen ATM is segmented on the basis of solution, product type, and geography. By solution, it is bifurcated into deployment and managed services. By deployment, it is classified into onsite, offsite, worksite, and mobile types. By product segment, it is categorized into conventional/bank ATM, solar powered ATM, self-cashed or fully serviced ATM, smart ATM, cash dispenser ATM, free standing ATM, through-the-wall ATM, brown label ATM, white label ATM, and others. By geography, it is analyzed across North-America, Europe, Asia-Pacific, and LAMEA.
The key players as mentioned in the report are DIEBOLD INC., Euronet, Fujitsu, GRG Banking, HESS Terminal Solutions GmbH & Co., Hitachi Payment Services Pvt. Ltd., Nautilus Hyosung, NCR Corporation, Triton Systems of Delaware LLC, and Wincor Nixdorf AG.