IMGCAP(1)]
India is a fast-growing but underserved market for electronic-funds transfers, which is a boon for the processing market, Michael Brown, chairman and CEO of United States-based transaction processor Euronet Worldwide Inc., told analysts during its second-quarter conference call late last month. "India is probably one of the most ill-served markets in the world when it comes to cars and electronic financial transactions," he said. Comparing the Indian market with China, Brown says despite similar populations, India has about one-fifth the number of ATMs per capita of China, where the rate is about one ATM per 30,000 residents. "So what we've got is just card growth, ATM growth and account growth, which drives [our] business," said Brown. "And every time you add another bank to your shared network, you end up with that many more permutations of people that are walking around and find themselves without money in front of your network ATMs. And it's just wonderful for us."
