News

Tata intros India's first white label ATM network

June 27, 2013

Tata Communications Payment Solutions Ltd., a wholly owned subsidiary of Tata Communications Ltd. has unveiled the Indicash network of white label ATMs. The first Indicash ATM was inaugurated today at Chandrapada, a rural village in Thane district, Maharashtra.

As India's first white label network, Indicash aims to empower millions of Indians to access their own money with ease, TCPSL said in a news release.

"Since 1868, the Tata group has always played a pioneering role in identifying and supporting emerging and innovative business opportunities in India to create value for its people," said Srinivasa Addepalli, chief strategy officer at Tata Communications. "The launch of Indicash continues to drive this promise home."

Addipalli said that India is by comparison an underpenetrated ATM market with just 98 ATMs per million of population (compared to 1,390 in the U.S., 530 in the U.K., and 211 in China). He said that TCPSL was pleased to be playing "a significant and pioneering role" in deploying white label ATMs across the country. 

To develop Indicash, TCPSL conducted consumer research across India identifying people's main concerns about the use of ATMs. The research that chief worries were having one's card swallowed by the ATM, being shorted on dispensed cash, intimidating environments, difficult user interfaces, and privacy or security

Indicash ATMs were designed to eliminate these concerns, the company said. The machines feature dip readers; an intuitive, multi-lingual interface, screen filters, keypad shields and electronic surveillance.

The ATMs offer both cash and non-cash services, and the network accepts all domestic debit cards with no fee for the first five transactions per month, in line with RBI regulations for use of "other bank" ATMs.

TCPSL will deploy 15,000 Indicash ATMs in three years, the company said in its news release. Of these, 67 percent of these will be deployed in semi-urban and rural areas and 33 percent will be installed in metro and urban markets.

Phase two of the roll out will integrate value-added and utility services for Indicash ATM users, and to introduce offers and third party promotions. TCPSL said it would engage with national and regional banks to support its rollout plans, based on their strengths in providing cash in particular areas.

"We are honored to be selected by RBI to pioneer India's first white label ATM network," said Sanjeev Patel, TCPSL CEO. "This is an endorsement of our leadership, credibility and track record in deploying and managing a contracted 27,000 ATMs for banks in India as of date.

"Our goal is to have rolled out 50,000 ATMs by 2016. With Indicash, we will be going into far reach geographies using our experience and expertise in navigating and optimising technologies for challenging Indian conditions," Patel said. "We are focused on honoring the Indicash brand value 'Dost Har Mod Par,' — 'A friend in need' — by being conveniently located and offering a safe and user-friendly banking experience."

Read more about installation and deployment.