The brave new world being realized in India and to other fast developing economies has been in part due to the expansion of persistent cash availability that came with expanded ATM access.
The government’s Jan Dhan programme, which was a gift turned out to be a short-term celebration as the move towards digitisation robbed the ATM industry of its business. The launch of applications like BHIM (Bharat Interface for Money), licensing of new set of niche banks like payments banks and their strategy of going digital first, reduced ATMs’ relevance.
The uptake of mobile payments as the next logical step in the progression to digital-currency has encouraged the ATM to explore additional avenues and convenience delivery. The ability to take deposits is one such capability both the author and Mercator Advisory Group anticipate will serve as a bulwark for continued relevance. The ATM will continue to evolve and serve consumers and small business bridging digital and physical in a cost-effective way.
Overview by Joseph Walent, Associate Director, Customer Interactions Advisory Service at Mercator Advisory Group
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