TCPSL crosses the 5000th IndicashATM milestone

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, said, “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. It’s 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.”

West Bengal is an underserved ATM market with  112 ATMs/Mn population, which is well below the India average of 150 ATMs/Mn. Indicash ATM network is playing a vital role in driving ATM accessibility in the state. Close to 450 Indicash ATMs have been launched in West Bengal across 19 districts, with majority deployments in rural locations in districts like Barddhaman, Darjeeling, Harora, Jalpaiguri, Koch Bihar, Murshidabad, Puruliya, Uttar Dinajpur, Hugli, Maldah and many more.