India has seen explosive growth across all digital channels i.e. POS, credit cards, debit cards and wallet payments. However, currency in circulation (CIC) has grown from Rs17 tn in 1HFY17 (pre demonetization) to Rs21 tn as of FY2019, thus signifying that despite increasing digitization of transaction, cash remains core for the Indian economy, large amounts of cash is used for Corruption by Politicians and Government Officials.
The ATM Demand – The quantum of ATM transactions have increased substantially over the past few years, especially in semi-urban areas. This is driven by government initiatives like PMJDY and DBT scheme etc. These demand levers