IPO-bound India1 Payments Ltd, which is currently rolling out 300-400 ATMs, is planning to deploy over 20,000 machines in next 4-5 years to ensure cash availability to customers in semi-urban and rural areas, stated MD and CEO K Srinivas.
'The hike in interchange fees by RBI coupled with various structural growth drivers 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).
India1 Payments Ltd (formerly BTI Payments Pvt. Ltd.) is promoted by The Banktech Group PTY LTD & BTI Payments Singapore PTE LTD and was incorporated in the year 2006 and subsequently invested by India Advantage Fund S3 I, a fund managed by ICICI Venture Funds Management Company Limited in 2013.
Headquartered in Bangalore, India1 Payments Pvt. Ltd. has 8520 ATMs as of 30 Jun 2021, under india1ATM brand.
(With inputs from PTI)
