India1 Payments has crossed a milestone on deploying 10000 white-label ATMs, which was called as “India1ATMs”. India1 Payments is IPO-bound and is promoted by the Banktech Group of Australia. It was formerly known as BTI Payments. India1 ATM has become the second-largest white label ATM brand on semi-urban and rural areas. With the deployment of 10000 ATMs, India1 Payments has become the largest player in this segment.
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White-Label ATMs:
The Automated Teller Machines (ATMs) which are set up, owned and operated by non-bank entities are known as “White Label ATMs” (WLAs). Non-bank entities which are incorporated in India, under the Companies Act 1956, are allowed to run WLAs. Non-bank entities are allowed to set up WLAs across India, after getting authorisation from the apex bank, under the Payment & Settlement Systems (PSS) Act, 2007.
Important takeaways for all competitive exams:
- India1 Payments Limited Founded: 2006;
- India1 Payments Limited Headquarters location: Bengaluru.
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