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Sep-20 2,410.6 2.0%
Oct-20 2,686.7 11.5%
Nov-20 2,777.9 3.4%
Dec-20 2,707.5 2.5%
Jan-21 2,707.4 0.0%
Feb-21 2,589.1 44%
2,849.4
Mar-21 (Value of transactions rebounded and restored to 10.1%
pre-COVID-19 levels)
Source: India ATM Market Outlook to 2026, Ken Research, August 2021.
The following table sets forth the number of transactions at ATMs in India from financial year 2020 to 2021:
Month No. of Transactions in Million Month-on-Month Growth %
Apr-19 809.8
May-19 816.6 0.8%
Jun-19 801.3 -1.9%
Jul-19 816.9 1.9%
Aug-19 815.2 -0.2%
Sep-19 794.8 2.5%
Oct-19 859.9 8.2%
625.2 ae
Novels) (Change in RBI Reporting) ete
Dec-19 647.5 3.6%
Jan-20 651.7 0.7%
Feb-20 617.0 5.3%
Mar-20 542.8 -12.0%
, 294.9 7
Apr-20 (Impact of COVID-19 Lockdown) 45.7%
May-20 407.4 38.2%
Jun-20 471.1 15.6%
Jul-20 467.7 -0.7%
Aug-20 485.0 3.7%
Sep-20 505.5 4.2%
Oct-20 564.4 11.7%
Nov-20 587.3 41%
Dec-20 581.0 -1.1%
Jan-21 582.6 0.3%
Feb-21 551.8 -5.3%
602.2
Mar-21 \(No. of transactions rebounded and restored to pre- 9.1%
COVID-19 levels)

 

 

 

Source: India ATM Market Outlook to 2026, Ken Research, August 2021.
Business Dynamics Due to COVID-19

The adverse effects of the COVID-19 pandemic have trickled down to major sectors of the Indian economy with
manufacturing, auto, retail, aviation and hospitality bearing the brunt of the lockdown. This in turn has affected
the fast-growing digital payments industry which is closely linked to the aforementioned sectors. Closed shops,
travel bans and reduced discretionary spending by consumers (on dining out, movies, entertainment and so on)
are further negatively impacting digital payments.

The ATM industry in India, in terms of number of ATM transactions and revenues for MSP, was negatively
influenced by the COVID-19 pandemic. The ATM managed services market declined by approximately 7%
from financial year 2020 to financial year 2021 in terms of revenues, with the average number of transactions.
per day per ATM reported at 87 in financial year 2021. The decline in ATM transactions was largely due to the
lockdowns imposed by the Gol, which led people to withdraw less cash and utilize more digital payments to
conduct transactions. However, cash is still king in the Indian economy as the share of cash in circulation

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