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India1 payments to look beyond white label ATMs
August 08, 2023
ICICI Ventures backed IndiaOne, is poised to transform itself to become a fintech company from being the top white-label ATM services provider. While fintech businesses could take time to deliver profits, the ATM business keeps ringing in the cash.
” We are looking at revenue streams beyond White label ATMs” said K Srinivas, managing director and CEO at India1 Payments Ltd. ” Besides providing switching services to smaller banks to connect their ATM network, we are also working being a digital loan facilitator by connecting our 54 million customers who are already on our digital platform to potential lenders” he added.
India1 Payments in which ICICI Ventures has about 49 percent stake is promoted by Australia’s Banktech group. The company is planning to leverage on its customer base using its white label ATM platform by being an account aggregator and connecting those interested in small ticket loans with the potential lender. This could earn the company a fee-based income for the concluded transactions.
The company will also continue to expand its mainstream business of providing white label ATMs in semi-urban and rural areas where it is already having a strong presence and increase its ATM network and expand its regional spread. India1 Payments currently manages 12200 white label ATMs through-out the country and plans to double the count by rolling out another 12000 more ATMs over the next five years.
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