Bank of India became the first
bank in state of Maharashtra, India to allow users to withdraw money from ATM
without having a bank account.
The bank launched ‘Instant Money
Transfer’, a domestic remittance service that would allow any user to remove
cash from its selected ATM’s without having the need of card. This facility is
as per the promise of RBI governor, Raghu Ram made in the month of March.
Using the receiver's mobile
number, the IMT would allow the customer to transfer money to a receiver
through the bank's ATM or using retail Internet banking facility. Hence, the
receiver may withdraw money from designated BoI ATMs without using a debit
card.
ATM has revolutionized the money
transfer process. It has definitely reduces the headache of waiting in long
bank queues. The global ATM market is poised togrow steadily as per various research. One such research is
conducted by Allied Market Research that provides market Size, Share, Trends
and Forecast from 2012 – 2020 on the global ATM market. It would be interesting
to see what next technological up gradation is waiting for ATMs.
The report expects the ATM market
to reach a mark of $21.9 billion by 2020, registering a CAGR of 7.6% during
2014-2020. The financial services offered by ATMs is the main reason for the
growth of global ATM market. However, online theft, inefficient network
connectivity and frauds hinders the overall market growth. With a CAGR of
11.3%, while label ATMs are expected to grow steadily during the forecast
period.
On the basis of solution, the
global ATM market is segmented into deployment services and managed services.
Deployment services is further classified as onsite, offsite, worksite and
mobile ATM. Onsite ATM refers to ATM in the premise of the bank. Here the
customer can utilize both the physical bank branch and ATM. Onsite ATM helps to
save time for customers. Offsite ATM machine is one that is located away from
the bank premises. It is built by the banks to reach a wider geographical
audience and increase the scope of their business. ATM machines located in a
company is known as worksite ATM.
In terms of type, the global ATM
market is segmented into Conventional ATM/Bank ATM, Brown ATM, White label ATM, Smart ATM,
Cash dispenser ATM. Brown label ATM means the hardware and the lease of it is
provided by the service provider; however, connectivity and cash management is
by the banks whose ATM will be installed.
The `brown label' is been looked
up as a substitute between 'white label' ATMs and bank-owned ATMs. A white
label ATM is an ATM machine that is owned by the non-banking institutions.
Diebold has been providing
security solution to varius institutions over the span of 150 years. Diebold
Inc. launched 2 sets of cash recycling ATMs, namely, 3500 and 3700 at Middle
East ATMs 2014 in Dubai. Aforementioned two series are designed to increase the
efficiency of cash-management and to mitigate risks, as per company.
"This new technology is the
next step in Diebold's mission to deliver purposeful innovations that meet real
business objectives for our customers," said Diebold Executive Vice
President and Chief Innovation Officer Frank A. Natoli Jr. "The 3500 and
3700 series provide exceptional reliability for high transaction environments —
helping financial institutions reduce costs, expand their reach and realize a
greater return on their investment."
