Ranking second in the size of population and seventh in the GDP in the world, India is one of the strongest economic powers with enormous growth potential. Utilization and penetration rate of banks, however, is far from enough to be used by a population of over 1.37 billion. According to data released by Reserve Bank of India, a total of 206,589 units of automated teller machines (ATMs) are installed across India as of September 2019, meaning 15 units of ATMs per 100,000 citizens.
Since it started operation in India in 2009, Hyosung TNS has been supplying ATMs to State Bank of India (SBI), the largest state bank in the country, and other organizations, and the company provided SBI with software optimized for already supplied ATMs last year. Hyosung TNS is expanding marketing activities to other companies to integrate the software into their ATMs. Through this, it aims to gain virtuous cycle effect of earning revenue of software royalties and increasing sale of hardware.
After successfully clinching the order for supplying ATMs for the ‘Rural ATM Project’ in Mexico under his leadership, Chairman Cho Hyun-joon of Hyosung expects to position itself as a leading banking solution provider also in India by successfully expanding its presence in the market. “We will continue innovation to lead changes in ATM market in the forefront and to grow as a global comprehensive ATM solution leader beyond hardware provider,” said Chairman Cho.