Press Release

Payments Giants Come Together to Drive Financial Inclusion ACI Worldwide and India1 Payments to Expand ATM access in Rural India

  • Convergence of ACI technology and India1 nationwide ATM network to fast track last-mile delivery of payments services

 

ACI Worldwide, a global leader in mission-critical, real-time payments software, has announced it has completed an installation upgrade with India1 Payments Ltd, India’s largest white label ATM operator, to accelerate and increase last mile delivery of payments and financial services to India’s financially excluded.

The implementation has enhanced India1 Payments current 11,000 ATMs with ACI’s latest technology, which has created capacity for expanding the ATM network in the coming years. The primary focus for the payments giants is to ensure that semi-urban and rural (SURU) markets benefit from India’s rapid digitalisation and real-time payments explosion.

In rural India, the biggest challenge for many consumers and households is physical access to the formal financial sector. Access to financial institutions is often limited or non-existent: branches are scarce and internet connectivity intermittent and unreliable.

ATMs help overcome this and are seen as providing the first step to formal access to basic financial services. They are a critical first step in driving financial inclusion by allowing customers to set up bank accounts and access a wide range of financial services, without the need to ever visit a bank branch or go online.

ATMs also promote financial literacy while recirculating cash quickly, cheaply, reliably, and safely – facilitating access to financial services by the un-banked and under-banked.

A recent report by ACI highlighted India’s dominance in real-time payments, and more importantly the significant economic impact real-time payments provide. The report Prime-Time for Real Time 2022published in partnership with GlobalData and the Centre for Economics and Business Research showed the economic boost for India.

By facilitating the transfer of money between businesses and consumers within seconds rather than days, real-time payments can improve overall market efficiencies in the economy: real-time payments improve liquidity in the financial system and therefore act as a catalyst for economic growth. This is especially important for our fast-paced and digital-led economies.

“Our aim is for ACI technology combined with India1’s widespread presence to ensure no Indian is left behind as the country continues its digitalisation and real-time payments journey.” said Ankur Saxena, Country Leader – South Asia, ACI Worldwide. “This implementation provides the ideal opportunity and platform to make this a reality and fulfil a key pledge of our mission here in India.”

“This enhancement will create capacity to further expand our footprint across the country, add new features to our platform – opening the prospect of superior functionality and choice for many across the country.”  said Rajeev Desai, Chief Operating Officer, India1 Payments Ltd. “Accessing the formal financial sector is fast becoming a basic right for all of us in India, and together, ACI and India1 want to ensure that right is available to as many citizens as possible.”

 

About ACI Worldwide

ACI Worldwide is a global software company that provides mission-critical real-time payment solutions to corporations. Customers use our proven, scalable and secure solutions to process and manage digital payments, enable omni-commerce payments, present and process bill payments, and manage fraud and risk. We combine our global footprint with local presence to drive the real-time digital transformation of payments and commerce.

© Copyright ACI Worldwide, Inc. 2022

ACI, ACI Worldwide, ACI Payments, Inc., ACI Pay, Speedpay and all ACI product/solution names are trademarks or registered trademarks of ACI Worldwide, Inc., or one of its subsidiaries, in the United States, other countries or both. Other parties’ trademarks referenced are the property of their respective owners. ACI, ACI Worldwide, ACI Payments, Inc., ACI Pay, Speedpay and all ACI product/solution names are trademarks or registered trademarks of ACI Worldwide, Inc., or one of its subsidiaries, in the United States, other countries or both. Other parties’ trademarks referenced are the property of their respective owners.

About India1 Payments Limited

India1 Payments Limited with headquarters in Bengaluru is a Reserve Bank of India authorised White Label ATM operator and is the largest independent non-bank ATM operator (referred to as a white label ATM operator) in India. As of September 30, 2022, we operated a network of 11,800+ ATMs across 14 states and union territories in India, under the Brand “India1ATM” and provide access to basic banking services across geographic and demographic divides focused on servicing customers in under penetrated semi urban and rural areas. India1 Payments Limited is promoted by The Banktech Group, Sydney, Australia.

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