News

Tata, Fino team up for rural ATM deployment in India

The companies say they will offer their combined cash and payments services at 100 locations in various Indian states by fiscal year-end.

June 9, 2015

Tata Communications Payment Solutions, a provider of white label ATMs, and Fino PayTech, a payment technology provider, have announced a partnership for the deployment of ATMs in India's rural areas.

Under its Indicash brand, Tata will install ATMs in Fino Money Marts, the retail outlets of Fino PayTech, a news release from the companies said. Conversely, Money Mart points will be placed at existing Indicash ATM locations.

Money Mart provides banking and payment services such as remittances, utility bill payments, transportation ticketing, mobile top-up, micro insurance, and international remittance cash out, the release said.

"This strategic partnership will not only offer consumers easy access to several banking and value-added services, all under one roof, but also help both the companies expand at a significantly reduced operational cost," TCPS CEO Sanjeev Patel said in the release.

The companies said they plan to offer their combined services at 100 locations in various Indian states by fiscal year-end.

Currently the Indicash network operates more then 5,000 ATMs in 20 states; Fino operates 300 Money Marts in 14 states across India.