News

Wincor, AGS strike deal to manufacture ATMs in India

The companies have signed a contract for the provision of 40,000 Wincor Nixdorf cash dispensers in India within the next two years.

September 18, 2015

Wincor Nixdorf and banking payment solutions provider AGS Transact Technologies Ltd. have signed a contract that includes the provision of 40,000 cash dispensers from Wincor Nixdorf in India within the next two years.

To this end, the companies have entered into a cooperation arrangement to manufacture cash dispensing machines locally in India, according to a press release. A manufacturing facility with a capacity of 30,000 units per year is currently being established in the Indian Union Territory Daman.

"With the government of India laying special emphasis on making India a manufacturing hub and trying to include a large part of the Indian population in the formal financial system, this agreement concluded between our companies is well-timed," said AGS Chairman and Managing Director Ravi B. Goyal.

The partners said that they will develop an ATM featuring only important core functions that will meet the needs of India's remote rural populations without compromising on technology and quality.

"The agreement concluded between our companies will help to strengthen our competitive position in the rapidly growing Indian market for ATMs," said Wincor Nixdorf CEO and President Eckard Heidloff. "We have thus created a solid foundation for Wincor Nixdorf to operate at a more profitable level in India than in the past and further expand the good market position we have already created for ourselves."

RBR has forecast that by the end of 2019, the Asia-Pacific region will boast approximately 2.1 million ATMs, with net growth in India predicted to be approximately 295,000 ATMs.

Over the next four years, approximately 70 percent of ATMs shipped to the Asia-Pacific region will go to China and India, which will boast approximately two-thirds of the Asia-Pacific installed ATM base, RBR expects.