BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.
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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