The Asia Pacific multivendor ATM software market is anticipated to register a CAGR of 19.47% during the projected period of 2019-2028. An increase in the number of leading banks and financial institutions has led to the adoption of multivendor ATM software in the region due to its multiple benefits and support for advanced functionalities.
The Asia Pacific multivendor ATM software market growth analysis includes market evaluation of India, Thailand, Indonesia, China, Japan, Vietnam, Australia & New Zealand, South Korea, and the rest of Asia Pacific. In Indonesia, ATMs are common in bigger cities and in tourist hotspots like Bali. A study shows above 50% of all transactions are completed with cash, with growth in card insurance of 56.7% in the past five years. The market growth is estimated to be propelled by increasing cash withdrawals from ATM and high penetration of white label ATMs and brown label ATMs in the future, which will also ensure high ATM penetration in rural areas. In countries like Thailand, ATMs are located almost everywhere, and many businesses run on cash only. The BOT reported that 93% of daily transactions were in cash in 2017. However, the use of electronic payments has grown among teenagers and those beginning their careers.
In Australia, the evolution of the ATM system has been enhanced by reforms of the ATM industry introduced in 2009 and a general decline in the use of cash payments. In New Zealand, there are about 70 ATMs for every 100,000 individuals, as per 2018 estimates of the World Bank. Reserve Bank survey shows 11% of people use cash every day, 38% of adults use cash for payments at least thrice a week, and 40% of elderly people above 60 making cash payments. The rest of Asia Pacific countries are developing rapidly, and the developing activities will support market growth in the region.
Some of the eminent companies operating in the region are Printec Group, GRG Banking, Vortex Engineering Pvt Ltd, Incorporated, KAL, Nautilus Hyosung America, Inc, etc.
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