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Money remains to be king in rural India, UPI favorite in metros

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Kolkata: Whereas the surge in digital banking has made the withdrawal of cash from ATMs a passe now, ATM makers like Diebold Nixdorf or ATM operators like Euronet Worldwide are pondering in a different way.

They’re, in actual fact, increasing capacities in India, anticipating sustained demand for money withdrawals within the rural belts.

To make certain, banks – each personal and government-owned – have slowed down ATM installations in new city areas.

ATMs are nonetheless very related for money prospects in India, particularly within the tier-2 to tier-6 cities, stated Himanshu Pujara, Euronet’s managing director for Asia Pacific area.

“Our technique is to proceed deploying and proceed investing into the ATM enterprise. The important thing factor is that we must be very, very centered and diligent so far as our web site choice technique is worried,” he stated.

Banks and operators like Euronet imagine that there isn’t any level in deploying ATMs within the prime 10 metros because the consolation of UPI transactions has overshadowed money withdrawal.

High bankers say that money withdrawal from ATMs slowed down in main cities, as funds by UPI (united funds interface) have clearly taken over. So far as the highest 10 cities are involved, one might discover QR codes in all places supporting the digital mode of cost. UPI processed a document 7.3 billion transactions valuing over Rs 12 lakh crore in October.

“I believe the technique is to be extra by way of going into the semi city and the agricultural areas the place there may be nonetheless a buyer that depends on money,” Pujara stated.

Diebold Nixdorf has simply introduced its new 27,000 sq. ft. manufacturing facility in Bengaluru to make ATMs and money recycling machines.

The unit with a capability of producing greater than 18,000 machines per yr is able to start full-swing manufacturing in December. The plant has been arrange with its contract manufacturing accomplice in India, NASH Industries.

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