Indicash™ ATM Network achieves the 8000 ATM milestone

 

   

Indicash ATM

 

India’s largest white label ATM network fastracks ATM accessibility – spans across over 140 towns and villages in 31 districts of Madhya Pradesh

 

 

 

Bhopal, June 2016 – Tata Communications Payment Solutions Limited (TCPSL), a wholly-owned subsidiary of Tata Communications Limited and the largest White Label ATM service provider in the country, announced the deployment of its 8000th Indicash™ ATM at a Tier 6 location Appipatti,Theni, Tamilnadu. This achievement reinforces TCPSL’s commitment to spearhead financial inclusion in the country through its strong focus on driving ATM usage in the untapped and underpenetrated semi-urban and rural geographies. In less than three years, the Indicash™ ecosystem has extended ATM accessibility to over 30 million Indians across 4600 towns and villages in 20 states of India, an accomplishment which parallels the FMCG sector, in terms of speed and efficacy.

 

Part of the $108.8 billion Tata group, Indicash™ aims at empowering Indians with the convenience of accessing their own money with ease across cities, towns and villages. The 8000strong Indicash™ ATM network has an extensive presence in states like Maharashtra, Karnataka, West Bengal, Bihar, Jharkhand, Kerala, Gujarat, Tamil Nadu, Uttar Pradesh, Madhya Pradesh,  Gujarat, Pondicherry, Punjab, Haryana, Delhi, Rajasthan, Orissa,  Uttarakhand, Telangana and Andhra Pradesh.

 

Indicash™ ATM is also challenging the rural conundrum of the underpenetrated ATM market. Unlike bank ATMs, Indicash™ has a strong focus in driving ATM usage in hitherto underserved rural geogprahies. Of the total portfolio, 65% of ATMs are set up in Tier 3 to 6 markets. The Indicash™ ATM Network currently has over 3100 ATMs (43%) in villages with less than 10000 population as against the mandate of only 10% deployment in these villages. Out of these, 1000 locations are in first-time ATM markets.

 

Madhya Pradesh forms an integral part of the company’s deployment strategy with over 225Indicash ATMs spearheading ATM accessibility across 140 towns and villages in 31 districts. Key districts of Bhopal, Indore, Gwalire, Bhind, Morena, Damoh, Chhatarpur, Raisen and more are connected by India’s largest ATM White Label ATM network.IndicashTM is well poised to play a transformational role in furthering economic empowerment and fast-tracking ATM penetration in the state.Currently, Bhopal district has a growing network of over 25 Indicash ATMs.

 

Sanjeev Patel, CEO, Tata Communications Payment Solutions Limited, says, “The 8000 ATM milestone reinforces our  committment  to actualise the Reserve Bank of India’s(RBI) vision of achieving financial inclusion by playing a pioneering role in expanding the ATM footprint into hitherto unbanked geographies. There has been an uptake in bank accounts in these regions making the ramp up of the ATM infrastructure in the country an imperative. This will truly empower the masses with the convenience of accessing their own money with ease. Indicash™ is proud to be leading the ATM growth in the country by unlocking the potential in previously untapped and underserved semi urban and rural geographies. We are well poised to play a transformational role in furthering economic empowerment and fast-tracking India’s financial inclusion agenda.”

 

TCPSL has always led from the front and introduced innovations in the financial services industry including a new plug and play ATM deployment model. This plug and play model has enabled banks, across categories, to rapidly roll out ATMs at almost 25% of the cost of brown label ATMs. The cost advantage is in addition to the various other plus points such as the increased flexibility of locations selection, immediate brand reach, minimal operational hassles and zero capex outflows. The IndicashTM ATM network is already being leveraged significantly by many banks like Federal Bank, DBS, Solapur Janata Sahakari Bank and more, in this operating model.

 

IndicashTM ATM network is also extending its expansion benefit to advertisers. With tier 3 to 6 locations turning into the latest hot spots for companies across sectors for growth, advertising is a powerful media vehicle that is used to reach out to its audience. Brands across categories are therefore increasingly lapping up to the IndicashTM ATM network as an effective brand awareness and engagement medium to tap customers in these high growth markets.

 

Indicash™ ATMs offer a host of cash and non-cash services such as cash withdrawals, balance enquiries, mini-statements, PIN change and VAS services like card-to-card transfer, cheque book request and bank statement request. It accepts all domestic debit cards with the first five or three transactions per month being free, depending on the location, in line with RBI regulations for use of ‘other bank’ ATMs.

 

Ends…

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1Reserve Bank of India January2016 data, National Payments Corporation of India, Census of India, Source for other countries data (2014):https://www.bis.org/cpmi

 

About Tata Communications Payment Solutions Limited (TCPSL)

Tata Communications Payment Solutions Limited (TCPSL), (CIN No. U72900MH2008PLC179551) is a wholly-owned subsidiary of Tata Communications Limited. TCPSL’s service offering is based on deep-domain expeence of the banking sector backed by Tata Communications’ highly resilient and secure global infrastructure and managed services credentials. TCPSL has a strong track record of deploying a wide portfolio of financial services for banks, such as:

 

  • ATM outsourcing: end-to-end deployment and managed services
  • Point of Sale (POS): enablement and management
  • Card issuance: management and switching services
  • Hosted Core Banking services
  • Financial inclusion: end-to-end service

 

TCPSL is one of the leading players in managed ATM services with an order book of over 20,000 ATMs. It also manages over 50 per cent of Point of Sale traffic in India.  It is also the largest White Label ATM service provider in the country with a network of over 7500 Indicash ATMs  as on March 2016.

 

The company is headquartered in Mumbai and retains a talent pool of over 200 employees with domain expertise from the banking, finance and payment services industries

 

 

About Tata Communications

Tata Communications Limited (CIN no: L64200MH1986PLC039266) along with its subsidiaries (Tata Communications) is a leading global provider of A New World of Communications™. With a leadership position in emerging markets, Tata Communications leverages its advanced solutions capabilities and domain expertise across its global and pan-India network to deliver managed solutions to multi-national enterprises, service providers and Indian consumers.

 

The Tata Communications global network includes one of the most advanced and largest submarine cable networks and a Tier-1 IP network with connectivity to more than 240 countries and territories across 400 PoPs, as well as nearly 1 million square feet of data centre and collocation space worldwide.

 

Tata Communications’ depth and breadth of reach in emerging markets includes leadership in Indian enterprise data services and leadership in global international voice. Tata Communications Limited is listed on the Bombay Stock Exchange and the National Stock Exchange of India.

 

http://www.tatacommunications.com

 

Forward-looking and cautionary statements

Certain words and statements in this release concerning Tata Communications and its prospects, and other statements, including those relating to Tata Communications’ expected financial position, business strategy, the future development of Tata Communications’ operations, and the general economy in India, are forward-looking statements. Such statements involve known and unknown risks, uncertainties and other factors, including financial, regulatory and environmental, as well as those relating to industry growth and trend projections, which may cause actual results, performance or achievements of Tata Communications, or industry results, to differ materially from those expressed or implied by such forward-looking statements. The important factors that could cause actual results, performance or achievements to differ materially from such forward-looking statements include, among others, failure to increase the volume of traffic on Tata Communications’ network; failure to develop new products and services that meet customer demands and generate acceptable margins; failure to successfully complete commercial testing of new technology and information systems to support new products and services, including voice transmission services; failure to stabilize or reduce the rate of price compression on certain of the company’s communications services; failure to integrate strategic acquisitions and changes in government policies or regulations of India and, in particular, changes relating to the administration of Tata Communications’ industry; and, in general, the economic, business and credit conditions in India. Additional factors that could cause actual results, performance or achievements to differ materially from such forward-looking statements, many of which are not in Tata Communications’ control, include, but are not limited to, those risk factors discussed in Tata Communications Limited’s Annual Reports. The Annual Reports of Tata Communications Limited are available at www.tatacommunications.com. Tata Communications is under no obligation to, and expressly disclaims any obligation to, update or alter its forward-looking statements.

 

 

 

 

For further information, contact:
PR24x7 Network Limited
Atul Malikram
9755020247
amg24x7@gmail.com

 

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