The following chart depicts the number of outstanding credit cards during the financial years 2016 to 2021:

Million

Source: India ATM Market Outlook to 2026, Ken Research, August 2021.

70.0

60.0

50.0

40.0

30.0

20.0

10.0

0.0

0.04

 

0.05 5.0%
45%
4.0%
3.5%
3.0%
2.5%
2.0%
1.5%
1.0%
0.5%

! 0.0%

Cards per capita (%)

 

FY'2016 = FY'2017_—s FY'2018
jmms No. of Credit Cards in Million

Note: The number of credit cards are as of March 31 of each year.

FY2019 — FY'2020
== No.of Credit Cards per capita

FY'2021

The following chart depicts the number of outstanding debit cards per capita during the year 2020:

5.7
3.6
:

China Japan Russia

Million

Source: India ATM Market Outlook to 2026, Ken Research, August 2021.

6.0

5.0

4.0

3.0

2.0

1.0

0.0

Note: The number of credit cards are as of March 31 of each year.

Overview of India’s ATM Market

In India, the number of ATMs (excluding white label ATMs) installed increased from 199,099 as of March 31,
2016, to 213,575 as of March 31, 2021. The number of ATMs (including white label ATMs) operating in
India’s ATMs market increased from 212,061 as of March 31, 2016, to 238,588 as of March 31, 202, at a

CAGR of 2.39%.

ATMs are popular in developing countries because people prefer paying through cash when making low-value
payments, for personal budgeting reasons and to maintain anonymity in transactions. Also, significant portions
of the population who mostly operate outside of cities and who are unbanked or under-banked prefer cash
payments. Therefore, the sizeable unbanked population in developing countries is representative of the strong
potential for new ATM users in the future. The global ATM industry is therefore positioned to grow, due to an
increasing proportion of the population availing financial services and a subsequent rise in number of ATMs

being set up in these developing nations.

The following table sets forth a cross comparison of major countries based on total number of ATMs, growth in

14
UK

ATMs, ATM penetration and ATM density as of December 31, 2020:

0.6 0.6
nh UD

India Brazil

 

 

 

 

 

 

 

Regions Total Number of ATMs* ATM Penetration? ATM Density?
China 1,013,900 70.4 105.6
US 470,135 141.8 47.8
India? 213,575 15.4 64.9

 

 

119

 
