India1 Payments looks to deploy 20,000 ATMs in next 4-5 years

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).

India1 Payments, promoted by the Banktech Group of Australia and formerly known as BTI Payments, has installed these machines mostly in semi-urban and rural areas across 14 states and union territories.

The company focuses on ensuring availability of cash in its ATMs, especially those located in rural areas. According to the latest data from the RBI as of September, there were 2.4 lakh ATMs in the country, of them around 28,000 are white-label machines.

The company has grown over 15 per cent over last year and accounts for more than 50 per cent of incremental ATMs deployed in this period.

It services over 72 million customer transactions and facilitates a gross transaction value of over Rs 13,600 crore every quarter on an average.