News

RBI, Prizm launch white label line

January 28, 2014

Prizm Payment Services has launched Money Spot, a line of white label ATMs, under license from the Reserve Bank of India. In an initial push, Prizm plans to install more than 10,000 Money Spot ATMs across India — a large portion of them in semi-urban and rural areas.

"We are expecting an exponential growth in ATMs in India and white label ATMs are going to be a key component of this growth," A. P. Hota, managing director and CEO of the National Payments Corp. of India said in a news release. "We are happy to partner with Prizm Payments on this new innovation in the Indian market."

Hota said the white label line will provide ATM access to more semi-urban and rural locations and — through NPCI technology infrastructure — connectivity with all banks to accept any bankcard on the Money Spot network.

"This is a very positive decision by RBI to allow non-banking organizations like Prizm to deploy ATMs and bring convenience to cardholders," said Prizm managing director Loney Antony.

Currently Prizm Payments has 21,000 ATMs deployed and under management for various banks in India, using both fixed and variable fee models.

Read more about installation and deployment.