Indicash ('India' and 'cash') offers a host of cash and non-cash services such as cash withdrawals, balance enquiries, mini-statements and PIN change
MUMBAI, INDIA: Tata Communications Payment Solutions Ltd (TCPSL), a wholly-owned subsidiary of Tata Communications Ltd, unveiled Indicash - India's first-ever network of white label automated teller machines (ATMs).
In line with the Reserve Bank of India's (RBI) vision to accelerate growth and increase ATM penetration across the country, the first Indicash ATM was inaugurated today at Chandrapada, a rural village in Thane district, Maharashtra.
This launch was led by a senior Reserve Bank of India (RBI) official, Vinod Kumar, Managing Director and CEO, Tata Communications, and Sanjeev Patel, CEO, Tata Communications Payment Solutions Limited.
Indicash (‘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 brand, 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.
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 underpenetrated 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."
Sanjeev Patel, CEO, Tata Communications Payment Solutions, adds: "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."
Indicash was designed using consumer research that TCPSL conducted across India which identified the main concerns surrounding the use of ATMs. The research showed ATM cards being swallowed, charged, short dispensation of cash, intimidating environments, difficult user interfaces and privacy / security as the top-of-mind concerns when using ATMs in India - especially in Tier 3 to 6 locations.
The new Indicash ATMs have been designed to eliminate these fears and concerns. Indicash machines are Dip machines that cannot swallow cards; the interface has been designed to be intuitive and simple with multi-lingual messaging to provide ease and convenience of transactions for users across urban and rural markets. Features that address security concerns are privacy screen filters, key pad shields and electronic surveillance, to enable safe and secure transactions.
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'.