Thursday, January 6, 2011

ATM Machine Market in APAC 2008-2012

ATM Machine Market in APAC 2008-2012

An Automated Teller Machine (ATM) is a computerized device that enables banks and its customers to carry out limited financial transactions at public locations; negating the requirement of a manual support. The ATM is generally connected to the operating bank via wired (dial-up modem or leased lines) or wireless network over the internet. The customers are identified through plastic cards (which have magnetic strip or chip that stores account information) and a PIN (personal identification number) that is used as a security feature. Once the identification is done, the ATM connects to banks for verification and financial transactions. On completion of the transaction, the ATM dispatches a transaction receipt that indicates the details of the completed transaction.
ATM facilitates customers to access their bank and credit card accounts to make cash withdrawals, cash advances (for credit cards), generate account statements, transfer money, and to make card less transfer of money. Further ATMs can be used to deposit cash, pay routine bills, print statements, process cheques, recharge mobile phones, etc.
Security breaches in ATMs have led to the deployment of advanced ATMs across APAC. The new ATM machines that are equipped with biometric scanners (fingerprint reading) are predominantly considered as more secured. However, such biometric ATMs are yet to be implemented at a large scale in countries such as China and India. Advanced palm vein authentication technology is also used for verification in countries like Japan, Korea, etc.
The report by TechNavio Insights forecasts the size of the ATM Machine Market in APAC over the period 2008-2012. Further, it discusses the key market trends, drivers and challenges of ATM Machine Market in APAC, and profiles some of the key vendors of this market.
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