OKI on Monday said it is targeting 25 percent share in unit shipments of the Indian ATM market.
The Japanese company says it supplied cash-recycling ATM to SBI. This will mark OKI’s entry into the Indian ATM market.
Tata Communications is one of the main ATM suppliers in India.
Shinya Kamagami, senior vice president and general manager of OKI’s Systems Hardware Business Division, said: “The delivery of ATM-Recycler G7 to SBI follows installations in Russia and Indonesia, in addition to Japan and China where OKI already has strong track records. Moreover, in May 2013, OKI announced an expansion into the Brazilian ATM market.”
SBI currently operates approximately 39,000 units of ATMs and CDs (cash dispensers).
SBI ran a live field trial of OKI’s ATM-Recycling G7 and evaluated its high-reliability and future expandability to recycling functions, which led to considering and subsequently installing these units.
The number of ATMs and CDs operating in India reached 140,000 units in 2013, making it the third largest market in Asia, following China and Japan. The number is expected to double by 2016 due to the Financial Inclusion set by the Reserve Bank of India.
Capitalizing on the achievement made in the Indian market, OKI plans to accelerate global sales development of its ATMs and aims for 40 percent market share in the global cash-recycling ATM market, namely in emerging markets, where economic growth is expected to continue.