Prizm Rolls Out White Label ATM Service In India

by CXOtoday News Desk    Jan 29, 2014

White Label ATM

Prizm Payment Services has rolled out its White Label Automated Teller Machine (ATM) service in India. With this launch, the company becomes the second operator in the country to launch the service after Tata Communications Payment Solutions.

With Axis Bank as the sponsor bank to cash management, the company has set up its first White Label ATM “Money Spot ATM” at Chendre village in Alibaug Taluk, Raigad district of Maharashtra. Prizm plans to deploy atleast 10,000 ATMs over the next three year sacross the country, accorsing to a company statement, which says that  a substantial portion of these White Label ATMs would be deployed in semi-urban and rural parts of the country where the cardholders do not have access to basic ATM facilities.

“There is an under-served population in these areas and initiatives of Prizm and other WLA companies will help us to increase banking service in the country,” said K. C. Anand, General Manager, of the Department of Payment and Settlement Systems (DPSS) of the Reserve Bank of India, who was the chief guest at the inauguration.

Supporting RBI’s mandate on roping in WLA operators like Prizm to deploy ATMs into areas that are not well serviced by bank owned ATMs especially semi-urban and rural markets, Loney Antony – Managing Director Prizm Paymentssaid, “This is a very positive decision by RBI to allow non-banking organisations like Prizm to deploy ATMs and bring convenience to cardholders who did not have access to an ATM or any other electronic media for their banking needs.”

The company is currently providing some basic functionality such as Cash Withdrawal, Balance Enquiry, PIN change and Mini Statements at these ATMs and soon plans to introduce other Value Added Services to increase the convenience to these card holders. Prizm Payments has currently deployed and managed 21,000 ATMs for various Banks under fixed and variable fee model and is processing 1.15 lakhs POS across the country. The white label ATMs of Prizm will be connected to shared ATM network National Financial Switch from National payments Corporation of India.

Tata group had flagged off white label ATMs services under brand name Indicash in June last year. In November 2013, Hitachi of Japan had Hitachi entered into agreement to acquire entire holding in Prizm Payments from invertors including Sequoia Capital and Axis Bank, says a report.