Tata Communications Payment Solutions today said it aims to install 50,000 ATMs by 2016 which will more than double its revenue.
"Revenue lines are directly linked to the number of ATMs you have. If you have 18,000 ATMs and later 50,000 add to this higher progression of White Label ATMs where larger percentage of income is yours, it (revenue growth) would be at least two times," Tata Communications Payment Solutions Ltd CEO Sanjeev Patel said here.
He did not disclose current revenue of the company, which is a payment technology arm of Tata Communications.
It installed the 1000th White Label ATM (WLA) under the brand name of 'Indicash' at a village Bhondsi in Gurgaon.
Customers of any bank can withdraw cash from a WLA. The company has installed its initial set of WLA in partnership with Federal Bank and is looking for more tie-ups.
The company also manages ATMs of other banks which it calls Brown Label ATMs (BLA). It is managing about 18,000 BLAs which it expects to nearly double to 35,000 by 2016.
Out of targetted 50,000 ATMs by 2016, 15,000 would be Indicash ATMs.
"To further ATM accessibility, over 4,000 Indicash ATMs will be deployed across geographies such as Delhi-NCR, Uttar Pradesh, Madhya Pradesh, Punjab, Haryana, Jammu and Kashmir and Rajasthan by 2016," Patel said.
He said that there is lot of opportunity for WLA in India as penetration level of ATM here is 125 per million which is very low when compared to China (211 per million), the UK (530 per million) and the US (1,390 per million).
The daily withdrawal limit at Indicash is as per the facility provided to customer by their bank. However, customer will be able to withdraw Rs 10,000 at one time and can do repeat transaction to utilise maximum withdrawal limit provided by bank where he has account, Patel said.
