News

Indian IAD reaches milestone with 8K white label ATM installations

June 15, 2016

Tata Communications Payment Solutions Ltd., a subsidiary of Tata Communications Ltd., has announced the deployment of its 8,000th Indicash ATM in India.

According to a press release, Tata is that nation's largest white label deployer, with ATM facilities serving more than 30 million Indians in more than 4,600 towns and villages in 20 Indian states.

TCPSL has deployed 65 percent of its ATMs in Tier 3 to 6 markets, which include semi-rural and rural areas. Forty-three percent of the fleet serves villages with populations of less than 10,000, the company said.

Of the company's 3,100 rural installations, 1,000 are in markets that previously had no ATM access at all.

"The 8,000-ATM milestone reinforces our commitment to actualize the Reserve Bank of India's vision of achieving financial inclusion by playing a pioneering role in expanding the ATM footprint into hitherto unbanked geographies," said TCPSL CEO Sanjeev Patel. "This will truly empower the masses with the convenience of accessing their own money with ease. [Indicash is] well poised to play a transformational role in furthering economic empowerment and fast-tracking India's financial inclusion agenda."

Indicash ATMs offer cash and noncash services such as withdrawals, balance enquiries, mini-statements, PIN change and value-added services such as card-to-card transfer, checkbook request and bank statement request.

The Indiecash network accepts all domestic debit cards and is being leveraged "significantly" by banks, TCPSL said. Additionally, the company said, advertisers are making use of the network's marketing capabilities to reach potential customers in rural locations.