Security key issue in ATM war

By Mao Lijun (China Daily)
Updated: 2007-07-10 08:53

NCR has set up a currency data processing center in Beijing to help combat counterfeiting. Each time a new note is introduced into circulation by the central bank, its authenticity is identified by the NCR data base then stored in a software template that enables ATMs to recognize it as genuine.

According to NCR officials, a technology update is essential to ensure that every ATM transaction is accurate.

Upgrading technology and setting up upgraded ATM channels will be a key competitive point to gain more consumers.

"Chinese banks can't be satisfied with simply supplying equipment. Instead, they want comprehensive services in self-service equipment and operation. Security and upgrading technology are our top obligations," said Zhu Zhi Cheng, CEO of FinTronics, a Hong Kong-listed ATM maker and operator.

FinTronics has business relationships with more than 20 local banks. Australia-based ATM company Customers Ltd, which acquired the controlling stakes of FinTronics, plans to flex its muscle in China's ATM battlefield.

Executive chairman of Australian ATM giant, Greg Baker, predicted ATM machines in China would double to 180,000 units in three to five years

There are about 40 ATMs per 1 million people in China, compared with more than 1,000 per 1 million in the US.

(For more biz stories, please visit Industry Updates)