BOMBAY, India -- The ATM market in India should escalate over the next five years, a top official of U.S. ATM maker Diebold predicted during a news conference.
The ATM market in India is expected to jump seven-fold, said Robert Mahoney, Diebold's chairman and chief executive officer, according to Reuters News Service's Bombay bureau.
"The forecast is very robust growth for ATMs in the Indian market in the next three to five years," Mahoney said at the news conference.
"The installed base is set to increase by 700 percent over the next 5 years, on a conservative basis," Mahoney said.
Mahoney said even after the forecasted growth, India would still have only one ATM per million people while the Philippines, after three years, is projected to have 70 ATMs for every million people.
Through a joint venture with a private firm, Diebold makes ATMs in India at its plant in the federally administered southern territory of Pondicherry.
Mahoney said Diebold would continue to invest in manufacturing and software development in India.
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