Hyosung TNS, a subsidiary of South Korean conglomerate Hyosung, has received a contract to supply ATM machines to Mexico.
The contract requires Hyosung TNS to supply 8,000 ATM units, under the ‘Rural ATM Project’ in the country.
The overall contract is worth KRW203bn ($171.2m). It is also expected to bolster the South Korean firm’s share in the local ATM market from existing 2% to 15%.
Mexico’s Rural ATM Project seeks to install ATMs in all villages, providing rural people access to cash and support financial inclusion. The move will also enable people to withdraw government subsidies directly from ATMs.
Last month, at a meeting with Mexican president López Obrador, Hyosung Group chairman Cho Hyun-joon said: “I will exert my utmost effort to contribute to improving quality of life of low-income people and enhancing welfare delivery systems in Mexico by successfully fulfilling the Rural ATM Project.”
Separately, Hyosung TNS announced plans to strengthen its footprint in India as an ATM machine provider.
Hyosung TNS has been present in the South Asian nation since 2009 by supplying ATMs to State Bank of India (SBI). It also supplied SBI with necessary software optimised for the ATMs last year.
Currently, the company is pursuing new opportunities to integrate the software into other companies’ ATMs to boost revenue.
As of September 2019, India had a total 206,589 ATM units installed across the country.