The India ATM market size was valued at USD 2.05 Billion in 2025. The industry is expected to grow at a CAGR of 9.20% during the forecast period of 2026-2035 to reach a value of USD 4.94 Billion by 2035. The market growth is attributed to the wave of strategic consolidation and partnership-driven expansion among white label ATM operators, which enables rapid scaling of reach and financial access infrastructure.
As demand for cash services remains significant in many smaller towns and semiurban areas, operators are finding that acquisitions and alliances offer the fastest route to penetrate underbanked regions without building an entire network from scratch. In a high-impact move, in November 2024, an Australian fintech firm, Findi (via its Indian subsidiary Transaction Solutions International (TSI)), signed a share purchase agreement to acquire a 100% stake in Tata Communications Payment Solutions Ltd (TCPSL), the operator of the white label ATM network Indicash. Following regulatory approval from Reserve Bank of India (RBI) in February 2025, TSI took over 4,600+ operational Indicash ATMs and gained rights over roughly 3,000 additional ATMs, boosting its total ATM network to beyond 12,000 units across brown and white label categories.
This acquisition plus partnership model allows operators to deploy ATMs swiftly into underserved geographies, leveraging existing infrastructure and merchant networks to reach more customers. As a result, ATM penetration deepens cash access points expand, and demand surges for hardware provisioning, cash management services, licensing, and integrated ATM plus digital services, strengthening the development of the India ATM market.
Base Year
Historical Period
Forecast Period
In 2023, the network of scheduled banks’ ATMs in India was 2,19,513.
51% of India’s white label ATMs are in rural areas.
Banks are likely to invest 2000 crore rupees towards installing cash recyclers in ATMs.
Compound Annual Growth Rate
9.2%
Value in USD Billion
2026-2035
*this image is indicative*
Private banks are still expanding not only their ATM networks but also their branches with the aim of making their services more accessible, especially in semi-urban and smaller towns. One such example is HDFC Bank, which reported a total network of 21,163 ATMs in India as of June 2024, which were spread across 4,081 cities/towns. This growth is indicative of banks' plans to maintain a balance between digital and physical banking wherever they have a presence. Together with branch expansion, ATM installation accustoms cash access infrastructure and thus keeps the demand for ATM hardware, maintenance, and cash management services, thereby boosting the India ATM market growth.
Technology providers are revamping ATM hardware to have more options and save money at the same time. Exemplifying this, in April 2024, Hitachi Payment Services introduced the nation’s first ‘Upgradable ATM’ in India, which can be converted into a high-performance Cash Recycling Machine (CRM) on demand. This convertible version gives the banks the freedom to delay a large capital outlay until the time when there is a need for it and interchange their CRMs to ATMs without changing the whole unit. The availability of such versatility ensures that banks can better plan their CapEx requirements and stay in sync with changes in demand, thus allowing them to install new ATMs without hesitation.
Large bank procurement orders drive substantial demand in the India ATM market, mainly for ATM hardware as well as for deployments and maintenance services. As an illustration, AGS Transact Technologies received a contract from State Bank of India (SBI) in November 2023 to supply 1,350 ATMs. This is part of its banking automation solutions portfolio. The emergence of such orders reveals a healthy institutional demand situation and provides vendors with a steady flow of installation as well as long-term maintenance contract opportunities, thereby resulting in the market expansion.
Improvements in ATM software and the core platforms used by banks are opening new growth opportunities in the India ATM market as new features are being adopted by the banks as well as enhanced security measures. For instance, Diebold Nixdorf made a global announcement in December 2024 about its decision to introduce Microsoft Windows 11 IoT Enterprise LTSC 2024 in the live ATM environment. Although this is an overseas example, it affects Indian ATM vendors and banks as they also consider similar modernization, thus leading to the upgrading and replacement of old ATM fleets. Consequently, there is an increase in the need for fresh ATM hardware, software licences, and upgraded service agreements.
Banks are contracting ATM operators for long term managed service agreements, thus these operators are sure to have continuing demands for deployments, maintenance and cash management services, boosting the India ATM market outlook. AGS Transact is a good example of the situation when, besides just supplying ATMs, it in November 2023, obtained a large outsourced/ managed services order from SBI that involves the deployment of 2,500+ ATMs under a 7 year contract. This pact provides operators with an assurance of sustained revenue streams and also motivates banks to give away ATM services to third parties rather than handling them in-house hence, thereby, the ATM ecosystem in India gets expanded with interlocking supports from different stakeholders.
The EMR’s report titled “India ATM Market Report and Forecast 2026-2035” offers a detailed analysis of the market based on the following segments:
Market Breakup by Type
Key Insights: While banks are upgrading and replacing conventional ATMs to improve security and uptime, Brown Label ATMs demonstrate notable contribution to the growth of the India ATM market with their cheap outsourcing models that let banks grow without having to own the infrastructure. As a consequence, White Label ATMs are becoming more popular in rural areas where operators like Tata Indicash and Hitachi Payment Services focus on providing the last-mile access. The number of Smart ATMs is increasing rapidly, since companies such as NCR Atleos and Diebold Nixdorf are bringing in multi-functional, cardless, and deposit-enabled machines to enhance the customer experience. There are still places where cash dispensers are needed, particularly in high-withdrawal areas, and mainly where financial institutions decide to focus on low-cost, cash-out-centered deployment.
Market Breakup by Solution
Key Insights: Deployment solutions are still highly important in the growth of the India ATM market as banks and operators are scaling on-site ATM branches for the convenience of customers, off-site ATMs in commercial centers for high transaction volumes, work-site ATMs in industrial areas for salary withdrawals, and mobile ATMs for temporary or remote-location cash access. The managed-services segment is also becoming stronger, supported by outsourcing trends. For instance, AGS Transact Technologies renewed its ATM-management contract in July 2024 and managed more than 38,418 ATMs and CRMs by March 2024.
Market Breakup by Screen Size
Key Insights: ATMs equipped with screens measuring 15 inches and less still hold the majority of the India ATM market share mainly because they are cheaper to deploy, require less space, and are suitable for basic transactions such as cash withdrawals and balance inquiries. On the other hand, ATMs with screen sizes of more than 15 inches are being used to offer more advanced features such as multi-language menus, biometric authentication, cardless transactions, and interactive banking services. Among others, vendors like NCR Atleos and Diebold Nixdorf are introducing bigger-screen ATMs in cities and places with a lot of people passing by to improve the experience of users. This trend is urging operators to find a balance between affordability and advanced features while upgrading ATM fleets throughout India.
Market Breakup by Application
Key Insights: Cash withdrawals are the most popular application in India ATM market, but the function of ATMs is evolving as banks and operators are now allowing deposits and cardless deposit services along with continuing withdrawal and transfer functions. For instance, in August 2024, the Reserve Bank of India (RBI) along with the National Payments Corporation of India (NPCI) introduced a UPI Interoperable Cash Deposit (UPI ICD) service that enables users to deposit cash at compatible ATMs without the need for a physical debit card. Consequently, ATM providers are converting hardware to cash recycler machines, and banks are extending ATM footprints to facilitate full-service banking. This transition is slowly turning ATMs into multifunctional self-service banking terminals from merely simple withdrawal points.
By type, White-Label ATMs record notable growth
White-label ATM operators are aggressively venturing into the underserved semi-urban and rural markets of India to increase cash accessibility. EPS, for example, got a new license from the regulator in October 2024 to operate white-label ATMs and is planning to roll out around 9,000 WLAs with the brand EPS Bancs across the country over the next few years. Such a move spreads the ATM network in areas where the traditional banking infrastructure is limited, thereby promoting financial inclusion and ensuring the continuation of the demand for deployment, maintenance, and cash-management services from non-bank ATM operators.
ATM hardware vendors significantly fuel the revenue of the India ATM market with massive investments in the next-generation technology and intelligent devices that can handle biometric or contactless authentication, thus enhancing security and customer convenience. As an illustration, NCR Corporation revealed the creation of an ATM system that facilitates facial recognition for cash dispensing and a "branch-in-a-box" self-service kiosk solution intended for India in October 2024. These intelligent ATMs help reduce fraud risk, provide easy access without the need for cards, and allow for the provision of modern banking services. Consequently, this also encourages banks and operators to phase out their old ATM fleets and speed up the next-gen terminals' adoption.
By solution, the deployment category leads the market
With banks evaluating their physical infrastructure, a trend in the India ATM market is noticeable, that banks are more willing to deploy onsite ATMs inside the branches rather than offsite or standalone kiosks. A report from the year 2025 reveals that banks added 18,389 onsite ATMs/CRMs and withdrew almost 15,000 offsite machines from April 2020 to April 2025. This transition indicates a strategic move to consolidate the ATM footprint, the operators choosing to concentrate on fewer but more secure and manageable ATM locations, which not only makes cash management easier and reduces logistic complexity but also assures greater uptime.
The practice of ATM outsourcing management to specialized providers is slowly gaining traction in the India ATM market, as banks are looking for more efficient operations and reduced maintenance costs. In October 2024, State Bank of India (SBI) announced plans to outsource the running of onsite ATMs, an indirect indication of about 40% of its machines, further expected to cover over 10,000 devices, a landmark order. Such agreements pave the way for long-term contracts with vendors and service firms and stimulate demand for end-to-end services that include cash logistics, maintenance, network monitoring, and compliance, thus strengthening the managed services segment of the ATM market in India.
By screen size, 15″ and below witnesses consistent demand
ATMs with display sizes of 15 inches and above continue to gain high demand in the India ATM market mainly due to their less expensive installation and upkeep. Market players are focusing on bringing these devices to the semi-urban and rural areas to optimize the network coverage and increase transaction volumes. Vendors perfect the model in terms of duration, energy efficiency, and user-friendliness of servicing while banks employ these machines for high-frequency cash withdrawals and basic banking transactions. Such a plan guarantees that the service reaches a wide population group, at the same time, operational expenses are kept at a manageable level, thus, high-volume deployment across India is sustained.
Banks and ATM operators across the India ATM market are slowly installing ATMs that have screens larger than 15" to provide additional features such as multi-language support, cardless transactions, interactive banking services, and biometric authentication. Enterprises are upgrading their vehicles with larger screens and more advanced software to improve customer experience and facilitate self-service possibilities. With this, the operators' infrastructure modernization focus in the most densely populated and urban areas becomes visible, thus they can offer a wider range of banking services, reduce the reliance on branches, and gradually transition to smarter, technology-driven ATM solutions.
By application, withdrawals category majorly contributes to the market growth
Cash withdrawal applications accounts for a substantial share of the India ATM market. Several companies such as Euronet Worldwide, Inc., AGS Transact Technologies Ltd., and Vortex Engineering have made it their goal to provide robust, high-availability machines that are optimized for the frequent cash withdrawals. Alongside this, their portfolios cover traditional and brown-label ATMs made for the deployment of the urban, semi-urban, and rural areas. In March 2025, the Reserve Bank of India (RBI) gave the green light for banks to increase the post-free transaction withdrawal fees from INR 21 to INR 23, with the effect from May 1, 2025. That could cause a change in the usage patterns, prompting banks to focus on optimizing ATM performance and placement. These low-cost, durable machines are very minimal in terms of maintenance, which makes it possible for banks to keep an extensive network that can meet the demand for reliable cash access.
For deposits, vendors in the India ATM market, such as Diebold Nixdorf, Incorporated and NCR Atleos Corporation offer full-service ATMs, including cash-recycling machines (CRMs) that provide both withdrawal and deposit facilities. These advanced terminals sometimes also come with additional features such as inter-account transfers and cardless transactions thereby enabling banks to provide a complete self-service banking solution. By embedding the deposit feature in their product portfolio, these firms are facilitating operators to increase ATM utility, shorten transaction time and convert the traditional cash-dispensing machines into multi-functional banking touchpoints for urban and other high-traffic locations.
Financial-technology firms and major India ATM market players have been heavily investing in the modernization of ATM infrastructure across the country of India. They are introducing advanced cash-recycling ATMs along with hardware that can be upgraded and integrated cash-management solutions–by which banks and operators become capable of optimizing their operations and thus cost-reduction as well as reduction of replenishment cycles take place. This, in turn, not only facilitates that ATM can reach the semi-urban and rural areas but is also efficient for large-scale deployment.
At the same time, a reshaping of network ownership and scale through consolidation and strategic acquisitions among white-label ATM operators is taking place in the India ATM market landscape. These players accelerate the roll-outs without the need for building from scratch by acquiring established ATM portfolios and combining merchant networks. Thus, the rapid expansion of ATM footprint takes place. This, in turn, entails an increase in financial access in the previously underestimated geographies and a rise in the demand for hardware, maintenance services, and integrated ATM-plus-service offerings across the ecosystem.
Euronet Worldwide, Inc. is a company that was established in 1994 and based in Leawood, Kansas, USA. It is a provider in the electronic payment market of India and offers transaction processing solutions on a global scale. To service banks and retailers in different countries, the company runs a network of ATMs, point-of-sale services, and prepaid products. Their commitment to the latest payment technology has led the company to become a major player in cross-border and domestic transaction solutions.
Hitachi Ltd., a company established in 1910 and located in Tokyo, Japan, is a multinational conglomerate that offers a wide range of products and services including IT systems, industrial equipment, and banking solutions. The company provides ATM hardware, cash management, and integrated banking solutions through its wholly-owned subsidiary, Hitachi Payment Services. The subsidiary, which also uses advanced technologies such as cash recycling and upgradable ATM platforms, has emerged to be a leading firm in the India ATM market over the years.
Diebold Nixdorf, established in 1859, and situated in North Canton, Ohio, United States, is a company that is at the forefront of innovations in ATMs, self-service kiosks, and payment solutions. The company mainly engages in the provision of hardware, software, and services to the banking and retail sectors for the facilitation of the development of modern, secure, and scalable financial technology infrastructures.
NCR Atleos Corporation, a company established in 1884 and situated in Atlanta, Georgia, United States, is known for the promotion of automated teller machines, point-of-sale systems, and digital banking solutions. The company is engaged in complete ATM and self-service banking solutions with a focus on software-driven innovation and dependable cash-management technologies.
*Please note that this is only a partial list; the complete list of key players is available in the full report. Additionally, the list of key players can be customized to better suit your needs.*
Other players in the market include AGS Transact Technologies Ltd., Vortex Engineering Private Limited, and NETSOL Water Solutions Pvt. Ltd., among others
Explore the latest trends shaping the India ATM Market 2026-2035 with our in-depth report. Gain strategic insights, future forecasts, and key market developments that can help you stay competitive. Download a free sample report or contact our team for customized consultation on India ATM Market Trends 2026.
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*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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The market is projected to grow at a CAGR of 9.20% between 2026 and 2035.
The different types of ATMs in the market include conventional/bank ATMs, brown label ATMs, white label ATMs, smart ATMs, and cash dispensers.
The major segments considered in the market report include deployment solutions and managed services.
The different screen sizes of ATM considered in the market report are 15’’ and below and above 15’’.
The different applications of ATMs in the market include withdrawals, transfers, and deposits.
The key players in the market include Euronet Worldwide, Inc., Hitachi Ltd., Diebold Nixdorf, Incorporated, NCR Atleos Corporation, AGS Transact Technologies Ltd., Vortex Engineering Private Limited, ETSOL Water Solutions Pvt. Ltd., and other regional and emerging players.
In 2025, India ATM market reached an approximate value of USD 2.05 Billion.
The market is estimated to witness a healthy growth in the forecast period of 2026-2035 to reach about USD 4.94 Billion by 2035.
Key strategies driving the market include expansion of ATM networks, deployment of advanced ATMs with cardless and cash-recycling features, strategic partnerships between banks and fintech companies, investment in smart and multifunctional ATMs, and enhancing customer experience through larger screens and seamless digital interfaces.
The major challenges that the India ATM market faces include high operational and maintenance costs, security and fraud concerns, increasing digital payment adoption reducing cash usage, limited infrastructure in rural areas, and regulatory constraints affecting ATM deployment and interoperability.
Explore our key highlights of the report and gain a concise overview of key findings, trends, and actionable insights that will empower your strategic decisions.
| REPORT FEATURES | DETAILS |
| Base Year | 2025 |
| Historical Period | 2019-2025 |
| Forecast Period | 2026-2035 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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| Breakup by Type |
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| Breakup by Solution |
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| Breakup by Screen Size |
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| Breakup by Application |
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| Market Dynamics |
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| Competitive Landscape |
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| Companies Covered |
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