White-label ATM leader India1 eyes a slice of fintech

economictimes.indiatimes.com:

India1 is set to transform itself into a fintech company from being the top white-label ATM services provider. While the 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 of India1 Payments. “Besides providing switching services to smaller banks to connect their ATM network, we are also working as 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% stake, is promoted by Australia’s Banktech group. The company plans to leverage 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 12,200 white-label ATMs throughout the country and plans to double the count by rolling out another 12,000 more ATMs over the next five years.

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The company has a significant presence in Tamil Nadu and is looking at strengthening its