MUMBAI: Tata Communications Payment Solutions Limited (TCPSL), that owns and operates India’s first and largest white label ATM (WLA) network –Indicash, has 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 who 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.[the_ad id=”31605″]