DUBLIN, Ireland — Research and Markets has announced the release of its "China ATM Market Report 2008, which forecasts growth and continued technological advancements for ATMs in the region. The report is based on statistics from the National Bureau of Statistics, China UnionPay, the China Banking Association, the People's Bank of China, the State Information Center, Boston-based Tremont Capital Group, NBR and ATMIA.
According to Research and Markets' findings, by the end of 2007, the number of networked ATMs in China totaled 123,000, out of a total 138,000 ATMs in the country. The compound average growth rate of ATMs in China over the last five years is 20 percent, and the number of ATMs per million people rose to 96 units in 2007, up from 75 units in 2005.
The global average number per million people is 240, so China's ATM market is still poised for growth and further development, the research firm found.
The market is still dominated by foreign companies like Diebold, NCR and Wincor Nixdorf, but local ATM manufacturers are gaining ground. Local brands such as GRGBanking and KingTeller are experiencing growth and now account for more than 30 percent of China's ATM market, a significant increase from the 20 percent they held in 2006.
With its advantages in client resources and bank channels, Hengbao, in cooperation with LG, entered the ATM industry in 2007 and is expected to grab a significant share of the Chinese market in 2009, when GRGBanking, KingTeller and Hengbao are expected to be key local manufacturers in the market.
Advanced functions
In 2007, cash-recycling technology also experienced growth. With social-economic development, Chinese citizens are no longer satisfied with the mere cash dispensers. Envelope-free deposits are in high demand, and bill-payment and cash-recycling also are catching on. As a result, Chinese banks are expected to incorporate cash recycling at their ATMs throughout 2008.
