TecBan CEO sees revenues up 38% this year on growing ATM transactions

- Tuesday, April 19, 2011

TecBan CEO sees revenues up 38% this year on growing ATM transactions

Brazilian ATM operator TecBan aims to boost revenues by 38% this year to 700mn reais (US$441mn) on growing transactions volume, TecBan CEO Jaques Rosenzvaig told BNamericas.

TecBan's Banco24Horas ATM network processed 613mn transactions at 10,200 ATMs last year, and Rosenzvaig expects to close 2011 with 850mn.

The company generates revenue by charging its members - some 40 financial institutions - a fixed price per transaction.

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Banco24Horas' members can choose among more than 40 functions to offer their clients, depending on their own ATM strategies. The network was used by more than 100mn clients last year.

TecBan is owned by the country's largest banks, and Banco24Horas's strategy is to install ATMs in the outskirts of urban areas at non-bank locations, such as gas stations, supermarkets, shopping centers, drug stores and subway, bus and rail stations.

Banco24Horas' rapid transaction growth is due to the fact that Brazilian banks still have most of their ATMs inside their branches, while there is growing demand among the population for access to cash at non-bank locations.