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Recently, RBI has eased business guidelines for White Label ATMs (WLAs) to enhance their viability. ATMs set up, owned and operated by non-bank entities are called white label ATMs. Non-bank entities that set up, own and operate ATMs are called "White Label ATM Operators" (WLAO). The WLAO's role is confined to acquisition of transactions of all banks' customers by establishing technical connectivity with the existing authorized, shared ATM Network Operators / Card Payment Network Operators.This will provide the functionality to WLATMs, as they are cash-starved because the banks used to give preference to the ATMs deployed by them.Until now cash Management at the WLAs was the responsibility of the Sponsor Bank.By allowing WLAO to source cash directly from RBI, will encourage more WLATM to be opened across the country, thereby leading to deepening of financial inclusion.
Which company was the first to be authorized by the RBI to open White Label ATM’s in the country?
Hitachi Payment Services Pvt. Ltd.
ATM Franchise India. ATM Franchise India.
Tata Communications Payment Solutions Limited.
BTI Payments Pvt. Limited.
AGS Transact Technologies Ltd.
Tata Communications Payment Solutions Limited (TCPSL) is the first company authorized by Reserve Bank of India (RBI) to open White Label ATMs in the country. It got launched under the brand name 'Indicash' on 27 June 2013. As on 31.2.2015, 11706 WLAs have been set up in India. Indicash is the largest White Label ATM Operator in the country and the second largest in semi-urban and rural geographies.
By: Himani Bihagra ProfileResourcesReport error
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