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Huawei claims vast majority of China's video teller market

The Chinese telecommunications giant plans to further cement its leading position with enormous growth in the sector this year.

July 2, 2014

After three years of effort, Chinese telecommunications giant Huawei says it now controls 70 percent of the country's market for virtual teller machines.

A report by China Business News quoted by Taiwan's Want China Times said that the company is just now "entering the stage of rapid expansion" and forecasts an increase of up to 800 percent in sales this year of the machines.

VTMs allow bank customers to chat with a bank teller via video link to a central customer service facility. The machines facilitate many standard teller-assisted transactions without requiring the customer to visit a branch. Many banks are also using the machines to extend their service hours.

The report said that VTMs have diversified to feature functions of community, household and mobile banking.