IPO-bound India1 Payments widening ATM network
Bengaluru-headquartered company will deploy 20,000 White Label ATMs (WLAs) in next 5 yrs
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New Delhi: IPO-bound India1 Payments Ltd, which is currently rolling out 300-400 ATMs in a month, is hopeful of deploying over 20,000 such machines in next 4-5 years to ensure cash availability to customers in semi-urban and rural areas, its MD and CEO K Srinivas said on Sunday.
"The hike in interchange fees by RBI coupled with various structural growth drivers, including expected increase in cash withdrawal transactions, will accelerate White Label ATMs deployments in the country," he said.
The ATMs which are set up, owned and operated by non-bank entities are known as White Label ATMs (WLAs). At present, the Bengaluru-headquartered company operates a network of 10,300 WLAs and deploys its ATMs under the brand name of 'india1ATMs.' It is the second largest ATM brand in the semi-urban and rural areas after State Bank of India (SBI). India1 Payments, promoted by the Banktech Group of Australia and formerly known as BTI Payments, has installed these machines mostly in semi-urban and rural areas across 14 states and union territories. "In the calendar year 2021 India1 has rolled out in excess of 3,000 ATMs and likely to continue at the same pace in next 4-5 years given the low penetration of ATMs in semi-urban and rural India.
