India1 aims to roll out 20,000 ATMs

IPO-bound India1 Payments Ltd, which is currently rolling out 300-400 ATMs in a month, is hopeful of deploying over 20,000 such machines in next 4-5 years to ensure cash availability to customers in semi-urban and rural areas, its MD and CEO K Srinivas said.

“The hike in interchange fees by RBI coupled with various structural growth drivers, including expected increase in cash withdrawal transactions, 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).

At present, the Bengaluru-headquartered company operates a network of 10,300 WLAs and deploys its ATMs under the brand name of “india1ATMs”.

It is the second largest ATM brand in the semi-urban and rural areas after State Bank of India (SBI).