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ICICI Securities Report
Our analysis of India1 Payments' draft red herring prospectus offers some interesting insights on ATM industry (in general) and white labelled/micro ATMs (in particular):
India is hugely underpenetrated with ~17 ATMs for every 100,000 adults and 40% households do not have access to ATMs;
Pace of ATM deployment has reduced due to commercial unviability;
Semi-urban and rural areas will lead an estimated 57,000 ATM net addition over FY21-26;
Cash in circulation is rising globally and cash remains an important payment model;
White label ATM operators' share will rise to 18% with 17% compound annual growth rate estimated over FY21-26; and
Rural areas present a big opportunity for micro-ATMs and Aadhaar Enabled Payment System transactions are expected to grow at 30% CAGR over FY21-26.
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