Indicash® - India’s largest White Label ATM network pioneers ‘uberisation of ATMs’
Deepthi | Myequity news | Date : 06-03-2019 15:25:00 IST
Tata Communications Payment Solutions Limited (TCPSL), that owns and operates India’s first and largest white label ATM (WLA) network –‘Indicash®’, today announced that it has contracted ~1500 ATMs under its revolutionary WLA co-branding model - that has paved ‘uberisation of ATMs’ in the country. With instant access to Indicash’s expansive 8000+ WLA network in 21 states, this plug and play ATM deployment model enables banks to rapidly expand their ATM footprint across the country. TCPSL’s pioneering WLA co-branding solution is designed for new age & far-sighted banks i.e. public, private, co-operative, small & payment banks along with NBFCs to give them ready access to high potential markets with minimal investments, zero capex and without any operational hassles.
Within few months of its launch, the model has found acceptance from multiple reputed banks. These include the recent largest co-branding alliance with a leading Payments Bank recognized as India’s largest digital wallet player headquartered in Noida for deploying ~1000 ATMs spanning 18 states. Other key banks include Suryoday Small Finance Bank; private banks like Federal Bank; foreign banks like DBS Bank Ltd.; scheduled commercial banks like The Nainital Bank Ltd; and co-operative banks like The Sutex Co-operative Bank Ltd., and Solapur Janata Sahakari Bank Ltd., amongst others.
Sanjeev Patel, CEO, Tata Communications Payment Solutions Limited, says, “We are pleased to extend this pioneering & disruptive gig economy model to banks that are nimble and far sighted. With this model’s inherent operational and cost benefits, they will be able to rapidly advance their ATM-cum-brand reach.” He further adds, “Indicash’s WLA co-branding solution for banks spells the beginning of the end of the archaic commitment and capex heavy brown label ATM model that is prevalent in the industry today. Similar to the developed economies we foresee this cutting edge model to be rapidly adopted by, ‘plugged-in’, customer-centric banks in India and will further fuel cash accessibility in the country.”
Partner banks’ customers can enjoy host of cash and non-cash services such as cash withdrawals, balance enquiries, mini-statements, PIN change and VAS like card-to-card transfer, cheque book request and bank statement request. These ATMs accept all domestic debit cards with the first five or three free transactions per month, depending on the location, in line with the RBI regulations for use of ‘other bank’ ATMs. Moreover, bank customers can also avail a host of enhanced ATM services like setting their favourite transaction to save transaction time on their every visit, preferred language feature that enables customers to choose and enjoy transacting in their preferred language.
Indicash® ATM network is India’s first and the largest WLA network. It is currently the 2nd largest ATM network across semi urban and rural markets after SBI and the 8th largest ATM network with over 8000 ATMs driving cash accessibility across ~5000 towns and villages in 21 states. Indicash® is committed to accelerate RBI’s vision to extend ATM accessibility to the masses with special focus on Tier 3 to 6 geographies which are largely underserved by the banks. The company is in its 5th year of operation and a market leader with over 48%# market share in the white label industry.
About Tata Communications Payment Solutions Limited (TCPSL)
Tata Communications Payment Solutions Limited (TCPSL) is a wholly-owned subsidiary of Tata Communications Limited. TCPSL’s service offering is based on deep-domain experience of the banking sector backed by Tata Communications’ highly resilient and secure global infrastructure and managed services credentials.