June 27, 2013
Tata Communications Payment Solutions launches Indicash – India’s first ever white label ATM network
Plans to roll out 15,000 new white label ATMs over next three years; will drive ATM penetration and accessibility for masses across urban, semi-urban and rural markets of India
This launch was led by a senior RBI official; Vinod Kumar, managing director and CEO, Tata Communications; and Sanjeev Patel, CEO, TCPSL.
Indicash (a combination of the words ‘India’ and ‘cash’),
marks a milestone for the country and ushers in a new era of ATM accessibility
for the masses across cities, towns and villages. Backed by the $100.09 billion
Tata group, India’s first network of white label ATMs is aimed at empowering
millions of Indians with the convenience to access their own money with ease.
Commenting on the launch, Srinivasa Addepalli, chief strategy officer, Tata Communications, says, “Since 1868, the Tata group has always played a pioneering role in identifying and supporting innovative and emerging business opportunities in India to create value for its people. The launch of Indicash continues to drive this promise home. On the world’s global stage, India is by comparison an under-penetrated ATM market with just 98 ATMs per million of population (compared to 1,390 in the US, 530 in the UK, and 211 in China). TCPSL is pleased to be playing such a significant and pioneering role in deploying white label ATMs across the country. The roll out is backed by Tata Communications’ highly resilient and reliable infrastructure as well as managed services expertise.”
Mr Patel said, “We are honoured to be selected by RBI to pioneer India’s first white label ATM network. 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 rollout 50,000 ATMs by 2016. With Indicash, we will be going into far reaching geographies using our experience and expertise in navigating and optimising technologies, for challenging Indian conditions. We are focused on honouring 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.”
Like most other bank ATMs, Indicash offers a host of cash and non-cash services such as cash withdrawals, balance enquiries, mini-statements and PIN change. It accepts all domestic debit cards with the first five transactions per month being free, in line with RBI regulations for use of other bank ATMs.
Manik Gawry, the sarpanch of Chandrapada village, added, “Our village never had an ATM in its vicinity and we always faced difficulties in accessing our cash. TCPSL along with RBI has addressed our concern with the launch of Indicash. It is indeed a matter of true pride that our village is the first one to get India’s first white label ATM.”
TCPSL will be deploying 15,000 Indicash ATMs in a record time of three years. 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 II of the roll out will be to offer value added and utility services to customers using Indicash ATMs and introduce offers and third party promotions. TCPSL will be engaging with national and regional banks to support its roll out plans, based on their strengths in providing cash in particular areas.
Tata Communications operates the world’s largest terrestrial and wholly-owned subsea cable network (tier 1 IP network). It's the world's largest wholesale voice provider carrying 53 billion international wholesale voice minutes per year and is the world leading global telecommunications and enterprise IT solutions provider. The company serves 1,600 service providers and major multinationals around the globe. Its network touches 99.75 percent of the world’s GDP and it accounts for 20 percent of the world’s internet traffic. Tata Communications has also launched the world's first round-the-world fibre optic cable network connecting Europe to India, through Egypt, bringing increased capacity, resilience and enhanced communications links to not only the Middle East, but to the rest of the world.
As the technology supplier of Formula 1® and the Official Connectivity Provider of Formula 1® and Official Web Hosting and Content Delivery Network Provider of Formula1.com; Tata Communications provides global connectivity for all 20 race locations and the worldwide offices through its global network. This also includes hosting and providing content delivery for Formula1.com, which is accessed by tens of millions of fans around the globe.