China Automatic Teller Machine (ATM) Industry Report
The "China Automatic Teller Machine (ATM) Industry Report, 2019-2025" report has been added to ResearchAndMarkets.com's offering.Get more news about Cashway Atm Parts,you can vist our website!
Since 1985 when the first ATM was deployed in China, ATM installation has been on the rise. By the end of 2018, the ownership of bank self-service equipment had reached 1,110,800 units in China, presenting a year-on-year upsurge of 15.6%, with 7.99 units per 10,000 people, up 15.03% over the previous year. As estimated, the ownership will exceed 2.1 million units in 2025.
In 2018, the statistical standards for bank self-service equipment ownership changed, with intelligent teller machines added, which helped explain the 12 percentage points higher in the ownership growth than in 2017. Noticeably, the self-service equipment ownership suffered a decline for the first time in 2018: in the fourth quarter, ATM ownership stood at 1,110,800 units, a reduction of 17,700 units from the third quarter of the year, from which it can be seen that banks need more intelligent machines in the wave of FinTech.
As online and mobile payments take ground, cash payment is being shocked. In 2016, China's ATM ownership growth plummeted to 6.6% along with the first negative growth in cash withdrawal with bank cards, before a nose drive to a mere 3.9% in 2017. In 2018, ATM ownership went down for the first time.
Banks urgently need to address the rising costs such as outlet rental and staff wages as well as the challenges posed by internet banking, and intelligent equipment information system serve as a solution to lower cost and higher efficiency. By the end of 2018, there had been 228,600 banking outlets in China, first less than in the previous quarter; a record of 88.67% transactions on average had not been handled on the bank counter. Against the backdrop, new types of self-service equipment, typically virtual teller machine (VTM) and smart teller machine (STM) open up a new market.
In 2019, VTM and STM are becoming the mainstream ATM, both providing comprehensive services like public-to-private transfer, domestic and foreign transactions, domestic and foreign currencies and financial management. Versatile functions and the high cost-performance ratio will ensure the leading role of VTM and STM in the future self-service financial service market. Currently, major banks in China have begun to deploy such equipment, such as China Construction Bank having launched a total of virtually 50,000 VTMs/STMs as of 2018.
In China, bank self-service terminals will be more deployed outside banks to form a network and offer more functions to meet the needs of rural urbanization as they pack more emerging technologies. The way of expansion in the form of the network outside banks will hold the trend and help to solve the problem of uneven distribution of machines between regions, between urban and rural areas or between different places in the same area. More self-service terminals will be needed accordingly.