Plans to rollout 15,000 new white label ATMs over next three years, will drive ATM penetration and accessibility for masses across urban, semi-urban and rural markets of India
Mumbai - June 27th 2013 - 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.
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.
Commenting on the launch, Srinivasa Addepalli, Chief Strategy Officer, Tata Communications, says, "Since 1868, the Tata group has always played a pioneering role in identifying and supporting emerging and innovative 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. 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. Our goal is to have rolled out 50,000 ATMs by 2016. With Indicash, we will be going into far reach 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, charged, 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.
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 to 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 53 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. 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 Official Connectivity Provider of Formula 1® and Official Web Hosting and Content Delivery Network Provider of Formula1.com.; Tata Communications provides global connectivity for all 20 race locations and the worldwide offices through its global network. This also includes hosting and providing content delivery for Formula1.com, which is accessed by tens of millions of fans around the globe.
About Tata Communications Payment Solutions Limited (TCPSL)
Tata Communications Payment Solutions Limited (TCPSL), previously known as Tata Communications Banking InfraSolutions; is a wholly owned subsidiary of Tata Communications. TCPSL's service offering is based on deep-domain experience of the banking sector backed by Tata Communications' highly resilient and secure global infrastructure and managed services credentials. TCPSL has a strong track record of deploying a wide portfolio of financial services for banks, such as:
- ATM outsourcing: end-to-end deployment and managed services
- Point of Sale (POS): enablement and management
- Card issuance: management and switching services
- Hosted Core Banking services
- Financial inclusion: end-to-end services
TCPSL is the market leader in managed ATM services with an order book of over 27,000 ATMs. It also manages over 55 per cent of Point of Sale traffic in India.
The company is headquartered in Mumbai and retains a talent pool of over 250 employees with domain expertise from banking, finance and payment services industry.
About Tata Communications
Tata Communications Limited, along with its subsidiaries (Tata Communications), is a leading global provider of a new world of communications. With a leadership position in emerging markets, Tata Communications leverages its advanced solutions capabilities and domain expertise across its global and pan-India network to deliver managed solutions to multi-national enterprises, service providers and Indian consumers.
The Tata Communications global network includes one of the most advanced and largest submarine cable networks and a Tier-1 IP network with connectivity to more than 200 countries and territories across 400 PoPs, as well as nearly 1 million square feet of data centre and collocation space worldwide.
Tata Communications' depth and breadth of reach in emerging markets includes leadership in Indian enterprise data services, leadership in global international voice, and strategic investments in South Africa (Neotel), Sri Lanka (Tata Communications Lanka Limited) and Nepal (United Telecom Limited).
Tata Communications Limited is listed on the Bombay Stock Exchange and the National Stock Exchange of India.
Forward-looking and cautionary statements
Certain words and statements in this release concerning Tata Communications and its prospects, and other statements, including those relating to Tata Communications' expected financial position, business strategy, the future development of Tata Communications' operations, and the general economy in India, are forward-looking statements. Such statements involve known and unknown risks, uncertainties and other factors, including financial, regulatory and environmental, as well as those relating to industry growth and trend projections, which may cause actual results, performance or achievements of Tata Communications, or industry results, to differ materially from those expressed or implied by such forward-looking statements. The important factors that could cause actual results, performance or achievements to differ materially from such forward-looking statements include, among others, failure to increase the volume of traffic on Tata Communications' network; failure to develop new products and services that meet customer demands and generate acceptable margins; failure to successfully complete commercial testing of new technology and information systems to support new products and services, including voice transmission services; failure to stabilize or reduce the rate of price compression on certain of the company's communications services; failure to integrate strategic acquisitions and changes in government policies or regulations of India and, in particular, changes relating to the administration of Tata Communications' industry; and, in general, the economic, business and credit conditions in India. Additional factors that could cause actual results, performance or achievements to differ materially from such forward-looking statements, many of which are not in Tata Communications' control, include, but are not limited to, those risk factors discussed in Tata Communications' various filings with the United States Securities and Exchange Commission. These filings are available atwww.sec.gov.Tata Communications is under no obligation to, and expressly disclaims any obligation to, update or alter its forward-looking statements.