Soon, ATMs will be more than mere cash dispensers

Ever thought of booking an air ticket using the ATM or paying your insurance premium through the neighbourhood cash dispenser? Or how about using the ATM to advertise your new business? All this and much more will be possible with ATMs being rolled out by non-banking companies, called the white-label ATMs.

The operators of these ATMs, or Automated Teller Machines, will have tie-ups with multiple banks and, apart from regular features, will also offer value-added services such as remittances, air, train and bus ticketing, and third party advertisements. This means that these players, which include Tata Communications Payment Services (TCPSL), Muthoot Finance and SREI, will act as financial services kiosks and make money from services beyond mere cash withdrawal. And that’s the way RBI has envisioned them — one-stop shops for major financial transactions.

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