Tata Communications Payment Solutions Limited (TCPSL),
a wholly-owned subsidiary of Tata Communications Limited, unveils 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.
The launch of 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.
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 and will bring TCPSL’s total India ATM roll out to 50,000 by 2016. 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 Limited says, “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. With Indicash, we will be entering deeper 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, charges, 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”.
Manik Gawry, the Sarpanch of Chandrapada village,
added, “Our village never had an ATM in its vicinity and we always faced difficulties
in accessing our cash. TCPSL along with RBI has addressed our concern with
the launch of Indicash. It is indeed a matter of true pride that
our village is the first one to get India’s first white label ATM.”
TCPSL will be deploying 15,000 Indicash
ATMs in a record time of three years. 67 per cent of these will be deployed in semi-urban
and rural areas and 33 per cent will be installed in metro and urban markets. Phase
two of the roll out will be to offer value added and utility services to customers
using Indicash ATMs and introduce offers and third party promotions.
TCPSL will be engaging with national and regional banks to support its rollout plans,
based on their strengths in providing cash in particular areas.
Tata Communications operates the world’s largest
terrestrial and wholly-owned subsea cable network (tier 1 IP network). It’s the
world’s largest wholesale voice provider carrying over 62 billion international
wholesale voice minutes per year and is the world leading global telecommunications
and Enterprise IT solutions provider. The company serves 1,600 service providers
and major multinationals around the globe and carries 1 in every 6 international
calls across the world. Its network touches 99.75 per cent of the world’s GDP and
it accounts for 20 per cent of the world’s internet traffic. Tata Communications
has also launched the world's first round-the-world fibre optic cable network connecting
Europe to India, through Egypt, bringing increased capacity, resilience and enhanced
communications links to not only the Middle East, but to the rest of the world.
As the Technology Supplier of Formula 1® and the
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