~Patented in-built Highly Secure ATM, Designed to be grouted on the wall; does not require rooms~
Mumbai, 16th January 2015: Riding the “Make in India” wave, Chennai-based Leo Prime Payment Solutions Ltd. has designed the next generation ATM called iATMS (intelligent ATMs) and has establishing a manufacturing set up to produce 100,000 units a year.
So far, the company had been a sub-assembly manufacturer for the world’s largest ATM manufacturer. But it was discontinued two years back, keeping in mind the company’s intention to enter the market on its own.
“As a sub-assembly manufacturer in the past, the company had already invested into machineries and space and has been manufacturing about 100,000 sub-assemblies for exports. Hence the entire set up to manufacture 100,000 units a year is already available,” said Mr Vasudevan, Managing Director of Leo Prime Group.
With added security features and hybrid power model, this next generation ATM has been designed to hold cash in two denominations for more than 5 days of average transaction required in an ATM.
”The existing set of ATM’s fundamental design mostly warrant a Room, AC etc, and hence thereby increasing the Capex cost and labour cost to make an ATM live. Our enhanced design can easily be grouted to the wall and hence does not require specific rooms. Deploying Leo Prime’s ATM’s will give a saving of about 25% on the Capex” Mr. Khadeer Peer Shariff, Executive Director, Leo Prime Payment Solutions Pvt Ltd said.
The innovation in design will save rentals on 80-100 square feet of a separate room, lower electricity consumption where sun rays are available, and avoiding security guards expenditure as these ATMs are patent pending in-built security and will lead to overall savings of 15% in operational expenditure, Mr. Khadeer Peer Shariff further added.
Indian ATM: User ratio is one of the poorest in the world, there is an urgent need of more ATM’s in the country. In addition
- There is increase in the number of people opening Bank Accounts
- More and More usage of Banking Channels for Banking as well Government activities including direct benefit transfer.
RBI has taken many steps to increase the ATM spread, by allowing white Label Operators, Small and Payment bank licenses,
Leo Prime estimates that there is an additional need of more than 200,000 ATMs in the next few years.
Leo Prime has already commenced operations in its manufacturing facility to address the immediate needs. Leo Prime intends to capture market share of 10% in FY16 and exploring exports in 2016-17.
About the Group
Leo prime comp Pvt Ltd is a 30 Year old, engineering company with expertise in
- Banking Automation Products
- Oil and gas.
Leo Prime serves Fortune 200 customers and exports to 16 countries worldwide.
Leo Prime is known for its High Precision Quality engineering, which is why about 60% of Global CRDI cars use the component manufactured by Leo Prime.
Leo prime has about 600,000 Sqft of owned Industrial area, more than 200 high end machineries worth more than 300 Crores of Indian rupees.
Leo Prime is also one of the world’s largest CDM assembly manufacturer, and have produced about 100,000 ATM assemblies in a year for the Global requirement of ATM OEM’s.
Leo Prime has now moved up the value chain and is into Product Manufacturing, for which it has created a wholly owned subsidiary called Leo Prime Payment Solutions Pvt Ltd, which will be in charge of R&D, Sales and Support.
The first product that LPS launched is the “Automated Teller Machine” – ATM