GCC ATM Market

GCC ATM Market Overview

The Automated Teller Machines, also referred as ATMs, are electronic outlets that allow individuals to make quick banking transactions including checking account balances, cash withdrawal, deposit, print a statement of account activities, and fund transfers without visiting a bank branch and without the help of an actual teller.

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Major GCC ATM Market Drivers

Increasing demand for automation in the banking sector; rising adoption of IoT in banking services; customers preferences for cash payments; and faster, secure, 24/7 availability, and convenient means of accessing cash from ATM are some of the major factors expected to drive the growth of the ATM market in GCC. In addition, ATMs help in reducing banks workload, easy access to bank account from anywhere, minimizing transactions cost which further propels the market growth.

Moreover, the introduction of the smart and solar ATMs and adoption of advanced security mechanisms, including biometrics, cash recycling, video banking, and two-factor  authentication services is expected to offer growth opportunities for the ATM Industry in GCC. Furthermore, the convenience of foreign travellers in quick withdrawal of cash and the advantage of converting foreign money into the required local currency has further expected to propel the growth of ATMs in GCC.

Restraint in the GCC ATM Market

However, increasing preference of consumers pertaining digital payment solutions, including online banking, mobile banking and digital wallets & Bitcoin transactions is expected to restraint the growth of the ATM market in GCC. Moreover, increasing incidences of burglary and fraudulent transactions is anticipated to hamper the market growth.

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Numerous residential and hospitality projects that includes the NEOM city, Orchid Villas Project, InterContinental Hotel Project, DoubleTree Hilton Hotel Project, Al Faisaliah City, New Jeddah Downtown, Al Noor City, Government Housing Plans, Oman’s Duqm Port, and Kuwait’s Silk City, in the region are further propelling the demand for easy accessible banking services, which is expected to contribute to the growth of the ATM market in the region.

Saudi Arabia is projected to hold a high share in the GCC ATM market owing to the increasing economic development, growing population, and surge in the demand for convenient banking services among consumers. According to the World Bank, automated teller machines (ATMs) of Saudi Arabia increased from 56.47 per 100,000 adults in 2010 to 73.34 per 100,000 adults in 2019.

Easy access of complex services including transfer of money between accounts, bill transfer, checking clearance at ATM devices, and others has increased the demand for the deployment of automated teller machines in the region. Moreover, the integration of advanced technologies including mobile integration, ATM data analytics, cybersecurity, EVM adoption, wireless communication devices, and check-imaging has further contributed to the growth of the market owing to the provision of seamless experience of accessing cash to the customers and reduced number of frauds during financial transactions.

On the basis of deployment, ATMs are classified as Onsite ATMs, Offsite ATMs, Worksite ATMs, and Mobile ATMs. Onsite ATM machines are expected to grow significantly over the forecast period primarily due to the benefit of reduction in long queues in bank premises for transfers, withdrawals, and cash deposits, which help in minimizing the probability of errors and to have smooth financial transactions. On the other hand, mobile ATMs are expected to grow at a substantial rate owing to increasing adoption of these ATMs at social gathering, trade fair, sports events in order to reduce the traffic and provide flexibility to the consumers.

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Key Developments:

• • In 2019, Alhamrani Universal, one of the largest ATM providers in Saudi Arabia, partnered with ShoCard, the blockchain-based identity authentication platform, to develop a biometric ATM prototype that will enable consumers in the region to use their blockchain-based app and faces instead of personal identification numbers to withdraw money from cash points. 

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