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The existing ATM machines in your locality are soon going to get a complete makeover. The old ATM machines will be replaced by new smart machines which will come equipped with smart features like face recognition and biometrics. These sophisticated machines will facilitate customers in transferring money and depositing cash and cheques. But what truly makes them smart is the fact that these machines will not run out of money as the cash deposited by customers will be dispensed.
As per an IANS report, banks in India are likely to replace the existing ATMs with more innovative and multi-function machines in the next three to four months. The news was shared by an official of NCR Corporation, a global leader in omni-channel solutions. NCR has a 50 percent ATM market share in India, and has come out with innovations like Interactive Teller ATM and EMV contactless ATM from its research and development centre in Hyderabad.
As per a report by The Hindu, NCR Corporation has opened a 140,000 sq ft R&D facility in Hyderabad, the largest for the consumer transaction technology firm outside of the US. The company is planning to invest more on software solutions to shape it into a profit engine and to make cash transactions easy for Indian citizens.
As noted, the existing ATMs we have today were deployed 8 to 10 years ago. With the new smart ATMS, these old machines will be moved to tier II and tier III cities. The IANS report further suggests that the ATM market in the country has gone down in the country post demonetization. However, the market would pick up pace in the coming quarter, NCR Corporation which bagged a Rs 334-crore order from SBIBSE -0.69 % to install over 7,000 cash-vending machines, believes that with the replacement of existing ATMs, the market would return to 9 percent annual growth rate as the progression to cashless economy will be slow.