Tata Communications Payment Solutions Limited (TCPSL), a wholly-owned subsidiary
of Tata Communications Limited, announces the deployment of its 5000th Indicash®
ATM in India today at Damal, a Tier 5 village in Tamil Nadu. With this launch, the
Indicash® network has emerged as the largest White
Label ATM network in the country in less than two years since its launch in June,
2013. Spearheading the proliferation of ATM services, with a strong focus on tier
3 to tier 6 markets, this achievement reinforces TCPSL’s commitment to driving financial
inclusion in the country.
Part of the $103.3 billion Tata group, Indicash® was
created to ensure convenience and ease of access to millions of citizens residing
in satellite cities, rural towns and villages of India. The Indicash®
network has rolled out across 20 states and 3000 towns in less than two years; an
accomplishment with parallels in the FMCG sector, in terms of speed and efficacy.
Vinod Kumar, MD and CEO, Tata Communications, said, "It is a very
proud moment indeed, for all of us, to be able to see one of our innovative business
models evolve into a national brand name while making a direct impact on financial
inclusion. It has been an incredible journey and we are bullish about our venture
into financial services with the Indicash® platform.
TCPSL will continue in its endeavour to partner, help transform and improve the
quality of life in rural India."
Out of the 5000 Indicash® ATMs deployed across Maharashtra,
Karnataka, West Bengal, Bihar, Jharkhand, Kerala, Gujarat, Tamil Nadu, Uttar Pradesh,
Madhya Pradesh, Gujarat, Pondicherry, Punjab, Haryana,Delhi, Rajasthan, Orissa,
Jammu & Kashmir, Uttarakhand and Andhra Pradesh, 65% of them are set up in Tier
3 and below markets with 32% of Indicash® ATMs in villages
with less than 10,000 population. Out of these, 600 locations are first-time ATM
markets. Multi-lingual prompts and an intuitive user interface are the defining
characteristics of the Indicash® network.
Sanjeev Patel, CEO, Tata Communications Payment Solutions Limited,
says, "5000 ATMs in less than two years is no mean feat and we are very proud to
be partners in progress alongside the Reserve Bank Of India in its resolve to ensure
financial inclusion to the unbanked regions of India. With 13% net addition market
share in the ATM industry, we are well poised to be a major player and are committed
to rolling out 15,000 ATMs across the country by 2016. Its absolutely incredible
to be at the epicentre of the changes that the banking sector is experiencing and
to be able to be a part of that revolution. Tier 3 to 6 locations are the next boom
centers for banking, and with massive government-led financial inclusion programmes
targeting the unbanked underway, we have the advantage of being the first movers
and are reaping the benefits. Also, Indicash® ATMs
are the only organised media vehicles available in such geographies. This is a delight
to the advertisers across various categories who reach out to us to tap the tier
3 to 6 customers through us. Our unparalleled reach in connectivity also positions
us well to be able to take the banking experience to the next dimension."
TCPSL will be soon introducing three new services for its customers across its
Indicash® ATM network: card to card transfer, statement
request & cheque book request, as well as powerful customised
brand engagement and brand marketing platforms across its network for advertisers.