In line with the enhanced financial inclusion activities in the country and being inspired from the government’s ‘Make in India’ scheme, AGS Transact Technologies Limited (AGS), one of India’s leading providers of a wide spectrum of payment solutions and technology products for banking, retail and petroleum sectors, has developed a range of ATMs tailored to the requirements of remote rural areas. This development has been done in collaboration with Wincor Nixdorf under a manufacturing agreement signed by both the companies.
The ATMs will be manufactured in India with a sizeable part of the value-creation process being provided by AGS. The manufacturing facility is currently being established in Daman (Union Territory of India). The locally manufactured machines will facilitate a stronger payments infrastructure in smaller towns and cities of the country, thereby making both AGS and Wincor Nixdorf important contributors to the financial inclusion initiative launched by the Indian government in recent times.
Mr. Ravi B Goyal, Chairman and Managing Director of AGS Transact Technologies Limited, said, “We are pleased to strengthen our association with Wincor Nixdorf for the manufacturing of a unique ATM tailored for Indian markets. With India lagging far behind in terms of ATMs per million population, the government’s financial inclusion initiative, entry of new players in the banking sector and White Label ATM deployments will drive ATM growth in India. The total ATM installed base in India is projected to double from approximately two lakh ATMs to over 4.5 lakh ATMs by 2019.”
Eckard Heidloff, CEO & President of Wincor Nixdorf, said, “The agreement concluded between our companies will help strengthen our competitive position in the rapidly growing Indian market for ATMs. We have thus created a solid foundation for Wincor Nixdorf to operate at a more profitable level in India than in the past and further expand the good market position we have already created for ourselves.
“With the Government of India laying a special emphasis on making India a manufacturing hub and trying to include a large part of the Indian population in the formal financial system, this agreement concluded between our companies is well-timed,” he added.