India1 Payments installed 10,000 white-label ATMs
India1 Payments has crossed a milestone on deploying 10000 white-label ATMs, which was called as “India1ATMs”.
Key Points
- India1 Payments is IPO-bound and is promoted by the Banktech Group of Australia.
- It was formerly known as BTI Payments.
- With the deployment of 10000 ATMs, India1 Payments has become the largest player in this segment.
- India1 ATM has become the second largest white label ATM brand on semi-urban and rural areas.
Instalment of machines
India1 Payments has installed these machines in semi urban and rural areas mostly, across 14 states and union territories.
Number of ATMs in India
As per latest data from the RBI, there were 2.4 lakh ATMs in India, as of September 2021. Out of these, around 2800 are white-label machines.
Services of India 1 Payments
India1 Payments has grown by 15 per cent in 2020. The company account for more than 50 per cent of incremental ATMs deployed over the last year. India1ATM provides its services to over 72 million customers and it facilitates a gross transaction of around Rs 13,600 crore every quarter on an average. It started operating in 2014. Since then, it has installed more than a third of the WLAs.
White-Label ATMs
The Automated Teller Machines (ATMs) which are set up, owned and operated by non-bank entities are known as “White Label ATMs” (WLAs). Non-bank entities which are incorporated in India, under Companies Act 1956, are allowed to run WLAs. Non-bank entities are allowed to set-up WLAs across India, after getting authorisation from the apex bank, under Payment & Settlement Systems (PSS) Act, 2007.
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Month: Current Affairs - November, 2021