Aussie Fintech Findi Secures ₹500 Crore Deal from Union Bank of India to Roll Out 900 ATMs Across India

Findi Ltd (ASX: FND), through its majority-owned Indian subsidiary Transaction Solutions International (India) Pvt Ltd (TSI), has secured a significant contract with Union Bank of India to deploy 900 additional ATMs across the country. This strategic partnership, valued at approximately INR 500 crore in revenue and INR 200 crore in EBITDA over a 7+1 year period, further strengthens Findi’s position as India’s most capital-efficient and trusted Brown Label ATM (BLA) service provider.

Findi, through TSI, currently has over 9,000+ Brown Label ATMs in its portfolio, covering 13 major Indian banks, including SBI, HDFC Bank, and Central Bank of India. With the addition of Union Bank of India to its portfolio, Findi continues to bridge the financial services gap, providing critical banking infrastructure to underserved urban and rural communities across India. This expansion aligns with Findi’s broader vision to strengthen its ATM operations and enhance financial service accessibility across its extensive merchant network.

This partnership marks Findi’s third major deal this year. Recently, through TSI, Findi acquired BankIT, a digital payments service provider with over 129,000 merchant touchpoints, bringing its total merchant network to 180,000+. Additionally, Findi has secured RBI approval for the 100% acquisition of Tata Communications Payment Solutions Ltd, further consolidating its leadership in the financial services sector.

Deepak Verma, MD and CEO, Findi said, “We are excited to partner with Union Bank of India in this significant expansion of our ATM network. This partnership highlights the trust that leading Indian banks place in Findi’s expertise and efficiency as a partner. By expanding our footprint, we are enhancing banking access, particularly in semi-urban and rural areas, while driving financial inclusion and supporting India’s vision for a more connected, digital economy.”

The partnership with Union Bank of India aligns with Findi’s vision of building a comprehensive financial services marketplace, seamlessly integrating ATMs with its growing merchant network. This move will help in enabling millions of Indians to access essential banking services with greater ease and convenience.

Australian Fintech Findi Gets RBI Nod for Acquiring Tata Communications’ White Label ATM Business for ₹300 Cr

The Reserve Bank of India (RBI) has approved Tata Communications' sale of its 100% stake in Tata Communications Payment Solutions Limited (TCPSL) to the Australian fintech company Findi's Indian subsidiary, Transaction Solutions International (TSI).

The deal, announced in November 2024, is valued at Rs 330 crore (AUD 59.1 Mn), with an additional Rs 75 crore contingent on certain conditions.

Indicash, Tata Communications Payment Solutions Limited's White Label ATM network, was launched in June 2013. Indicash became India’s first-ever network of white label ATMs. It was in line with the RBI’s vision to accelerate growth and increase ATM penetration across the country. TCPSL currently owns and manages one of the largest networks of white label ATMs in the country.

White Label ATMs do not display the branding of any specific bank. Instead, they operate under the label of the non-bank entity.

This acquisition will significantly expand Findi's presence in India's financial services sector, particularly targeting the 'underbanked' population. It aligns with TSI's ambition to evolve into a full-fledged payments bank, leveraging its current network of over 7,500 ATMs.

Launched in 2005, TSI operates a brown label ATM business, partnering with 12 public and private sector banks (including State Bank of India, Central Bank of India, Punjab National Bank and HDFC Bank), and has experience of managing backend operations for 10,000+ white label ATMs over the last eight years. It also enables payment services through its network of 40,000+ merchants via the brand FindiPay (started in 2018).

For an uninitiated, White Label ATMs (WLAs) are owned and operated by non-bank entities, do not display any specific bank branding, and aim to increase ATM accessibility, especially in rural and semi-urban areas. While Brown Label ATMs (BLAs) are where a third-party service provider owns the ATM hardware and lease, while a sponsor bank provides cash management and network connectivity. These ATMs display the branding of the sponsor bank.

While the RBI does not directly regulate BLAs, it ensures that banks and service providers adhere to necessary regulations through contractual obligations. Banks like Axis and ICICI Bank often use BLAs to expand their ATM presence.

Hitachi Payment Services Launches 1st Ever UPI-ATM with NPCI

Hitachi Payment Services, India’s leading payments and commerce solutions provider, today announced the launch of the country’s first-ever UPI-ATM as a White Label ATM (WLA) in association with National Payments Corporation of India (NPCI), offering secure card-less cash withdrawals. The UPI-only White Label ATM significantly enhances customer security by eliminating the need for physical cards.

The Hitachi Money Spot UPI ATM would provide customers a unified and secure user experience while offering them the convenience of card-less cash withdrawals. Furthermore, it will drive financial inclusion by facilitating easy access to banking services in areas where traditional banking infrastructure and card penetration is limited.

Leveraging advanced and innovative technology, the Hitachi Money Spot UPI ATM delivers a seamless digital experience for customers. Hitachi Payment Services has been at the forefront of bringing innovative offerings in the payments domain and presently is the only White Label ATM operator to offer Cash Deposit facility. This service can be accessed at more than 3,000 ATM locations.

Sumil Vikamsey, MD & CEO - Cash Business, Hitachi Payment Services 

Sumil Vikamsey, Managing Director & Chief Executive Officer – Cash Business, Hitachi Payment Services, said, “As India’s leading end-to-end payments and commerce solutions provider, we are happy to launch an industry-first offering in the White Label ATM space with Hitachi Money Spot UPI ATM. This novel offering empowers any bank customer to experience the convenience of QR-based UPI cash withdrawals. UPI has been the fastest growing payment mode in the country and accounts for more than 50% of digital transaction volumes. The Hitachi Money Spot UPI ATM is a testament to Hitachi Payment Services’ technological capabilities and commitment towards making innovative banking services accessible to citizens across the country.”

Commenting on the announcement, Mahesh Patel, Director – Products and Digital Transformation, Hitachi Payment Services, said “We are excited to launch the country's first-ever UPI ATM on Android platform for our White Label ATM network in association with NPCI. The Hitachi Money Spot UPI ATM is built on Android OS and brings in significant possibilities of transitioning from legacy architecture of transaction processing and ATM management to offering solutions in line with evolving technology. We believe the UPI ATM is a major milestone in the banking landscape.”

National Payments Corporation of India (NPCI), said, "We are delighted to empower customers with this innovative and customer-friendly enhancement for ATM transactions. The launch of the ‘UPI ATM,' will mark a significant milestone in banking services by seamlessly integrating the convenience and security of UPI into traditional ATMs. This innovative concept is designed to provide quick access to cash even in the remote areas of India without the need for a physical card. "

Hitachi Payment Services is a pioneer in the payment industry in India, offering a comprehensive range of payment solutions including ATM Services, Cash Recycling Machines, White Label ATMs, POS Solutions, Toll & Transit Solutions, Payment Gateway Solutions and innovative offerings such as SoftPOS, POS Value Added Services and next-gen mobile based merchant platform enabling end-to-end services. The company is committed to delivering exceptional customer experiences and driving financial inclusion across India.

About Hitachi Payment Services Pvt. Ltd.

A 100% subsidiary of Hitachi Ltd., Hitachi Payment Services is an integrated payment solutions provider empowering financial institutions, payment aggregators and fintechs with a comprehensive array of end-to-end payment solutions focused on security, reliability and innovation. A pioneer in the Indian payments space, it has over 65,500 ATMs (including 27,500 Cash Recycling Machines) and 9,500 White Label ATMs under management. In addition, it caters to over 3 Mn merchant touch points and processes over 7 Mn digital transactions daily.

For more information on Hitachi Payments, please visit the company's website at https://www.hitachi-payments.com

About NPCI

National Payments Corporation of India (NPCI) was incorporated in 2008 as an umbrella organization for operating retail payments and settlement systems in India. NPCI has created a robust payment and settlement infrastructure in the country. It has changed the way payments are made in India through a bouquet of retail payment products such as RuPay card, Immediate Payment Service (IMPS), Unified Payments Interface (UPI), Bharat Interface for Money (BHIM), BHIM Aadhaar, National Electronic Toll Collection (NETC FasTag) and Bharat BillPay.

NPCI is focused on bringing innovations in the retail payment systems through the use of technology and is relentlessly working to transform India into a digital economy. It is facilitating secure payment solutions with nationwide accessibility at minimal cost in furtherance of India’s aspiration to be a fully digital society.

For more information, visit: https://www.npci.org.in

With 1 Lakh Micro-ATMs in Rural India, Spice Money Builds India’s Leading ATM Network

Spice Money covers 95% of Indian rural pincodes, ensuring the reach of micro-ATMs to the unbanked and underbanked

Spice Money with its 7 lakh Adhikari network to address the digital and financial services needs of marginalised population in rural India to bring greater inclusivity and financial freedom

Mumbai, August 17, 2021: Spice Money, India’s leading rural fintech, has been promoting financial freedom among the rural population through its mission of bringing financial and digital inclusion to Bharat. In the journey of furthering this mission, Spice Money today announced that it has established a mammoth ATM network with 1 lakh Spice Money Micro-ATMs operating across rural India. Strengthening the ATM infrastructure is a crucial leg in this journey, making the 1 lakh mark a significant milestone. The highest number of traditional ATMs installed by any bank in the country currently stands at approximately 60,000, making Spice Money the fastest growing mATM network in the country. Spice Money witnesses over Rs 1000 crores worth of transaction month on month basis on its mATM network.

India has come a long way since 1921, when traditional banking was closed and the Imperial Bank of India was the only bank offering services to Indians, to opening up to private players in the 1950s and to today becoming one of the leaders in the global banking and fintech revolution. While the access to banking in rural areas has been improving over the years, only 5% of the 6,00,000 villages had a commercial bank branch in 2019. 

When compared to global counterparts, India is among the countries to have the lowest ATM penetration in the world. While the country has nearly 650,000 villages, only one ATM is available for 10 villages. Over 65% of the Indian population resides in rural India, however, rural areas account for only 20 percent of all ATMs in the country. Infrastructural costs, low usage due to lack of awareness, inconsistent availability of electricity, theft, vandalism are some of the major deterrents for ATM operators in rural areas. Such challenges continue to slow down the provision of basic banking amenities to this segment of population.

Rural incomes are rising, pushing up the demand for banking services in rural India. India’s digital footprint is expanding, enabling digital banking solutions that bring the underbanked and unbanked rural areas on the map of the banking system. Spice Money, as a company integrating technology into the rural financial network, is enabling its Adhikaris (banking correspondents), next-door Kirana stores/ stationery shops or any individual with access to internet, to equip themselves with the Spice Money micro-ATMs and turn their businesses into a Spice Money ‘Digital Dukaan’, offering essential banking services of cash withdrawal and deposit to their local communities. Especially during the pandemic induced lockdown, micro ATMs emerged as the key driver to assist people with cash withdrawal and other essential services. Spice Money’s mATM network grew multifold from just over 18,000 in Feb 2020 to over 1,00,000 as on today. The Company covers 95% of the rural pincodes in India with more than 7 lakh Adhikaris on its network, maximising the reach of the micro-ATMs to the financially underserved and cash-driven parts of the nation.

Sanjeev Kumar, Chief Executive Officer, Spice Money, said, "Spice Money’s mission since its establishment has been financial inclusion of the rural population of Bharat, thereby, bringing in greater financial freedom to end users as well as our rural entrepreneurs, Adhikaris. As we step into the 75th year of Indian Independence, we are privileged to be celebrating this landmark year by delivering on this promise."

Sanjeev further added, “As of March-end 2021, India had just 2.39 lakh ATMs for a population of over 1.3 billion. This number establishes the inadequacy of the ATM infrastructure in our country to address the needs of the semi-urban and rural economy that is growing on the back of direct benefit transfers through Jan Dhan accounts. The ATM network in these parts has, in many cases, witnessed a de-growth, causing the cash-heavy economy to struggle with low access to digital financial services. This is a huge deterrent for financial inclusion in the country. Spice Money has persistently been working towards expanding the micro-ATM network to all corners of India bringing financial and digital empowerment so that rural consumers can access their own money and attain financial freedom. While establishing a lakh-strong ATM network is a milestone for us, we will continue growing our reach and supporting more rural customers in their financial needs."

Sonu Sood, Brand Ambassador and Advisory Board Member, Spice Money, said, “I have been supporting small businesses with more growth opportunities so that they can prosper and also benefit the local community that they operate in. Spice Money micro ATM is a perfect fit for such small business owners who can now convert their businesses to Spice Money Digital Dukaan, in zero cost, and provide an additional service of essential banking products to their customers. Micro-ATMs can play the increasingly crucial role of bridging the gap in financial services by bringing the convenience of banking transactions right to the next door kirana stores in rural India.”

Earlier this year, Spice Money introduced an initiative offering the company’s micro-ATM devices at effective zero cost to further accelerate its vision of financial inclusion and encourage Adhikaris to become a part of building an extensive ATM network. In May 2021, Spice Money became the first company to introduce an ATM in India’s last village, Chitkul, Himachal Pradesh, where one of the only two kirana stores was converted into a Spice Money Digital Dukaan after being equipped with a micro-ATM. Before this, the closest ATM for the residents of Chitkul had been 25 kilometres away in Sangla. Spice Money plans to cover more such far flung remote areas with its micro ATM network.

About Spice Money

Spice Money is India’s leading rural fintech company with over 700,000 Adhikaris (entrepreneurs) offering cash deposit, Aadhar enabled payment system for cash withdrawal, mini ATM, insurance, loans, bill payments, cash collection centre for customer/agents/representative of NBFC/Banks, airtime recharge, tours & travel, online shopping, Pan Card and mPoS services. More than 90% of their network reside in semi-urban and rural India. Spice Money services are available through Spice Money App (Adhikari App) and web portal. The user-friendly interface and superior technology platform has earned the app a 4.4 star rating, best in industry, on Google Play Store. Spice Money through its cutting edge technology and wide network of Spice Money Adhikaris, is bridging the gaps in access to various financial services for the masses across the length and breadth of India. To know more, visit https://spicemoney.com

RapiPay Becomes First Assisted Payments Company to Start Micro ATM and AEPS Services in Srinagar, Kashmir

Installs India’s First Micro ATM on water (Dal Lake)

Srinagar, 03rd August 2021: RapiPay, one of the leading Indian Fintech companies, announced its expansion in Kashmir. It becomes the first Indian company to start assisted payments services like Aadhaar Enabled Payment System (AEPS) and Micro ATM in Srinagar. RapiPay has also become the first Indian company to install Micro ATMs on Dal Lake’s shops.

The expansion is in line with Jammu & Kashmir’s high demand for banking services like ATM and domestic remittance for its underbanked population. The state has around 25 lakh beneficiaries of Jan Dhan account which includes 15 lakh beneficiaries who possess a Debit / ATM Card. The potential market of Micro ATM and AEPS in the state is approximately INR 1800 crore. RapiPay is targeting 60% share of this market by installing 10000 Micro ATM machines this fiscal year through its Direct Business Outlets (DBOs).

“RapiPay’s quest for growing financial inclusion to the last mile has enabled crores of Indian underbanked customers to withdraw government’s cashless incentives and DBT transfers seamlessly. Now, J&K will be part of this journey and to tap the Kashmir market further, we plan to have over 15000 new DBOs in the region over the next one year” said Mr. Yogendra Kashyap, Managing Director and Founder of RapiPay Fintech Private Ltd.

The number of ATMs in Kashmir are far and few. Adjoining areas like Harwan, Khimber, Dara and inner area of Dal Lake (Golden Lake, Nageen Lake) are without an ATM from years. RapiPay entry into the valley will ensure that the local population gets cash withdrawal and other banking services near their house through its DBOs.

About RapiPay

S.K. Narvar promoted RapiPay Fintech Pvt. Ltd., is instrumental in growing financial inclusion services in the country with services like AEPS, Micro ATM, Bill Payments, Money Transfer and many more. With a nationwide network of over 2 lakhs retailers (RapiPay Saathis), RapiPay is providing Banking and Financial services to more than 1 crore underbanked consumers every month. RapiPay is a subsidiary of Capital India Finance Limited (CIFL).

India's 1st 'Grain ATM' Installed in Gurugram, Haryana As Pilot Project

With an aim to allow consumers not to stand in long queues to get government food grains and receive minimum complaining about getting less ration the Haryana government is now working on a plan to set up 'Grain ATM' for the consumers of the state. The country's first 'Grain ATM' has been set up as a pilot project in Gurugram district of Haryana.

The newly installed machines, names as 'Annapurti', can dispense approximately 70 kg of grains in five to seven minutes' time. The ATMs will provide relief to the consumers who wait in long queues to get the ration outside depots.

Pioneering Annapurti automatic grain dispensing machine, a creative and robust innovation for safe, transparent and accurate access to food grains, becomes operational at Gurugram, Haryana. Thanks @Dchautala @dcmohry @Secretary_DFPD @BishowParajuli #SDG2 #ZeroHunger https://t.co/dHs4my2mlk

— World Food Programme India (@UNWFP_India) July 14, 2021

Annapurti is an automatic machine which works like a bank ATM. This machine, to be installed under the United Nation's World Food Program, is called Automated, Multi Commodity, Grain Dispensing Machine. Ankit Sood, an officer associated with this program, says that the error in the measurement of grains is negligible.

A biometric machine is also installed in the machine along with the touch screen. Where the beneficiary will have to enter the number of Aadhar or Ration Card. On ensuring through biometrics, the food grains prescribed by the government to the beneficiaries will be automatically filled in the bags fitted under the machine. Three types of grains wheat, rice and millet can be distributed through this machine. At present, distribution of wheat has been started from the Grain ATM machine installed in Farrukhnagar.

(Video Courtesy - ETV Bharat Haryana)

Haryana's Deputy Chief Minister Dushyant Chautala says that with the installation of 'Grain ATM', all the complaints of people regarding the time and complete measurement of those who take ration from government shops will be removed.

Deputy CM, Mr. Dushyant Chautala, who also hold the state's has the Food and Supplies Department, said that the purpose of installing this machine is 'right quantity to right beneficiary'.

RBI Hikes ATM Interchange Fee, Here're All The Details

The Reserve Bank of India (RBI) on Thursday allowed changes in the rules related to ATM transactions after almost 9 years. RBI allowed all banks to increase interchange charges for ATM transactions. RBI has said that the facility of 5 times free use of ATMs will continue for customers, but after that it will cost Rs 6 for non-financial transactions. At the same time, the fee charged for financial transactions i.e. withdrawal of money has been increased from Rs 15 to Rs 17.

According to a Business Standards report, the Reserve Bank of India (RBI) has allowed an increase in the interchange fee structure for ATM transactions after almost nine years. Keeping in view the rising cost of deployment of ATMs across the country and maintenance of ATMs by banks, banks have now been allowed to charge more.

For many years, private banks and white label ATM operators have been demanding an increase in the interchange fee from Rs 15 to Rs 18. In June 2019, a committee was constituted under the chairmanship of the Chief Executive of the Association of Indian Banks, this decision has been taken on the basis of the recommendations of this committee.

New rules will be applicable from August 1

According to reports on Thursday, RBI has increased the interchange fee per transaction from Rs 15 to Rs 17 for financial transactions from ATMs and from Rs 5 to Rs 6 for non-financial transactions with effect from August 1, 2021. At the same time, it is being told that from January 1, 2022, banks have been allowed to collect Rs 21 from customers as customer charge. At present, banks are allowed to charge up to a maximum of Rs 20 for this.

RapiPay Collaborates with Maximus for Micro-ATM Services

RapiPay Fintech Pvt. Ltd., owned by the listed Capital India Finance Ltd., has recently launched Micro-ATM services through collaboration with Maximus as the technology service provider (TSP).

RapiPay has a network of over one lakh agents (merchants/shopkeepers) to provide Banking and Financial Services across India, especially in the hinterland of the country. As a business correspondent of multiple banks, RapiPay aims to address the major issue of lack of ready access to banking services in smaller towns through a comprehensive, digitized banking service enablement program. The company holds a prepaid payment instrument license from RBI and offers remittances, Micro-ATM, AePS and bill payment services to millions of end consumers through its agents who are called RapiPay Saathis.

Maximus, as the technology partner, offers the entire digital rails to RapiPay to enable the latter to penetrate newer segments and offer essential financial services to customers near their doorstep. Maximus uses cutting-edge technology to engineer unique financial and payment products and offers these as hosted services. Maximus has the widest range of digital and card-based solutions among service providers and its customer footprint encompasses banks, payment companies and service providers across ten countries.

Yogendra Kashyap, CEO, RapiPay stated “We are delighted to partner with Maximus for technology services for the Micro-ATM. Micro-ATM service is an important leg of our fintech journey. While we already provide ATM cash withdrawals through AePS (Aadhaar-enabled Payment Systems), with launch of our Micro-ATM handheld devices, we are taking the Micro-ATM and fintech industry to the next level.”

V. Shankar. Founder & CEO of Maximus added “The RapiPay Micro-ATM project involved building customized interfaces between our Switch and RapiPay’s middleware. In addition to transaction processing, we are providing sophisticated, automation-driven reconciliation and dispute management support, with up-to-date information available on intuitive dashboards. There is a strong intersection of interests between RapiPay and Maximus and we will continuously evolve to fulfil the digital vision of RapiPay through our innovatively engineered solutions. We are delighted that RapiPay has chosen Maximus for its technology platforms.”

About CIFL (RapiPay’s parent company)

RapiPay Fintech Pvt. Ltd. is a subsidiary of Capital India Finance Limited (CIFL), which is an India-focused, well capitalised and less leveraged NBFC. CIFL focusses on providing customised financial solutions to Mid-corporates and SMEs for their growth and working capital requirements. CIFL provides home loans in affordable segment through its HFC, Capital India Home Loans. Its fintech wing is RapiPay, which provides remittances and Micro= ATM services. Recently, CIFL has forayed into forex business by the name of RapiPay.


About Maximus Infoware (India) Pvt. Ltd.

Established in 2007, Maximus offers omni channel solutions for the BFSI, Transit, Smart Cities, Retail and Telecom sectors. Its EFT switching, digital payments, reconciliation, fraud & risk management and cash management solutions use innovative technologies and are state-of-the-art. The product portfolio of the company covers full digital payment, assisted payment and card-based payment rails for Rupay, VISA, MasterCard and other international schemes. Maximus delivers unparalleled service levels to its customers spread across ten countries under both hosted and on-premise deployment models. Its payment products are PA-DSS certified and the IT processing infrastructure is PCI-DSS and ISO/IEC 27001:13001 certified.

Federal Bank Deploys Mobile ATM Facility in Chennai and Mumbai for Covid relief

Federal Bank launched mobile ATM facility in Chennai and Mumbai cities. This is an initiative of the Bank aimed at helping the public fight COVID-19, by delivering banking services at their doorsteps and thus helping them stay indoors, as much as possible. Customers of any bank can withdraw cash from these ATMs free of charges. 

In the next few days, more vans will be deployed and the public will have facility to demand ATMs in their areas. The Bank is working to extend the facility to Bangalore also during the lockdown.



The facility was inaugurated in Chennai by Mr. Susil Chandra Mohanta (GM & Convenor, SLBC, Tamil Nadu), in the presence of Mr. Eqbal Manoj (Vice President and Zonal Head Chennai, Federal Bank) and Rajeev V C (Deputy Vice President and Regional Head Chennai, Federal Bank). 

The first ATM van in Mumbai was flagged off in Mumbai by Mr. Deepak Govind PA (Vice President and Zonal Head Mumbai, Federal Bank). Mr. Mahesh R (Vice President and Regional Head Mumbai, Federal Bank) and Mr. Ciyad MS (Deputy Vice President, Mumbai Zone, Federal Bank) were also present.

Donate at Hormis Memorial for Covid relief work, the CSR arm will match every donation made through this portal - www.federalbank.co.in/covid-19-donation.



About Federal Bank:

Federal Bank is a leading private sector bank with a branch network of 1,251 branches and 1,934 ATMs/Recyclers spread across the country. The Bank’s total business mix (deposits + advances) stood at Rs 2.46 Lakh Crore as at March 31, 2019 and it has earned a net profit of Rs. 1,244 Crore for FY19. The Capital Adequacy Ratio (CRAR) of the Bank, computed as per Basel III guidelines, stood at 14.14%.

PayNearby launches Micro ATM at nearby retailer shops to address the issue of ATMs running dry

PayNearby, India’s leading hyperlocal FinTech network is on a mission of building an eco-system that will redefine access to financial services for the underbanked. As part of this mission, the company has added a critical extension to its bouquet of services with the launch of its own network of Micro ATMs. The new offering has been launched for their retail touchpoints across the country. The company has tied up with National Payments Corporation of India (NPCI) and Equitas Small Finance Bank for this initiative.

With the launch of Micro ATM business terminal, PayNearby has strengthened its product portfolio of money withdrawal services. Now along with Aadhaar enabled money withdrawals, PayNearby retailers can also offer cash withdrawals through debit cards. This has enabled a small kirana store to become a full-fledged customer touch point for ATM like services.

A customer can simply walk to his nearest PayNearby shop (say, a grocer or a mobile recharge shop) across 16,722 PIN codes in the country and withdraw cash by swiping his debit card and entering his PIN. If they don’t have a debit card, they can use their Aadhaar number and finger print to withdraw cash. On completion of the transaction, the customer receives a confirmation from their bank via SMS besides a receipt from the retailer. In addition to cash withdrawals, customers can also request balance enquiries at these retail touch points. 

A handy low cost machine, that processes card transactions seamlessly, PayNearby’s Micro ATM is a cost effective and a smart cash management tool for small retail stores and traders who deal in large chunks of cash on a daily basis. With the new offering, retailers on PayNearby’s network can efficiently use the money available in their drawer. 

The company has commenced a nation-wide launch by getting the service activated on its retail network comprising of more than ~750,000 retail touch points across the country. The company aims to add over 1 lakh POS enabled Micro ATMs in the first year of its launch. 

Commenting on the launch, Mr. Anand Kumar Bajaj, Founder & CEO PayNearby said, “Considering its USPs such as portability, affordability and low maintenance, Micro ATMs can very effectively drive financial inclusion while curbing down the infrastructure costs incurred especially in rural India where a full-fledged ATM becomes unviable. 

Considering the depth of the PayNearby network, the launch of Micro ATMs will help us play a very critical role towards the twin objective of ‘digitising cash’ and ‘giving banking access to the underbanked’. This will also enable our retail partners to earn more income.

Besides rural India, our Micro ATMs are also ideal for urban areas where a majority of ATMs are not linked with Aadhaar or don’t have access to finger print. Furthermore, it will be useful in the country’s deep interiors and states like Assam and North East where Aadhaar number penetration / onboarding are still minimal resulting in lack of AEPS offerings.” 

 

The Confederation of ATM industry (CATMi) has announced its plans to shut down nearly 50 per cent ATMs due to high maintenance cost of software and equipment upgrades. PayNearby empowers retailers at the first mile to offer digital financial/non-financial services to last mile, across its merchant points and aims to reach 50,00,000 retailers in near future. The company is currently the leader in Aadhaar Enabled Payment System (AEPS) with 33% market share. 

About Nearby Technologies Pvt. Ltd-

Incepted in April 2016, Nearby Technologies is a fintech company offering financial/non-financial services to the underbanked and unbanked segment. Nearby Technologies works on a B2B2C model through its various brands – PayNearby, InsureNearby, BuyNearby and few more. PayNearby empowers retailers at the first mile to offer digital services to local communities, thereby boosting financial inclusion in India. Retailer services are focussed on Aadhaar based banking services, Domestic Remittances, Bill Payments, Card Payments, and insurance services among others. 

It was founded by Anand Kumar Bajaj, Subhash Kumar, Yashwant Lodha & Rajesh Jha who bring with them rich experience in banking, payments and financial sector. A DIPP-certified FinTech startup, has partnered with various financial institutions including YES Bank, RBL Bank, ICICI Bank, State Bank of India, Axis Bank, CC Avenue, Bill Desk, NPCI, FASTag, NBFC and FMCG companies. It is the sole technology provider using Aadhaar Enabled Payment Services (AEPS) and IMPS to YES Bank, making them one of the only two fintech companies hosted by the National Payments Corporation of India (NCPI).