White-Label ATM’s
1. What is the full form of WLA?
WLA stands for White Label ATMs
2. Whether WLAs are owned by banks?
No, WLAs are not owned by banks, they are owned by non banking entities. However, WLAs are regulated by RBI and private entities have to adhere to RBI guidelines.
3. When was the first WLA established in India? How many WLAs are established in India?
In June 2013, the first WLA was established in India by Tata Communications Payment Solutions (TCPS) in Chandrapada, a tier-V town near Mumbai. As per RBI there are about 36,000 WLAs operated in India.
4. What is the objective behind introducing WLAs in India?
The major objective of introducing WLAs is to establish ATMs in Tier III to Tier VI cities. WLAs are established to achieve financial inclusion of rural and semi urban population.
5. What is the allowed FDI percentage in WLAs?
As per the latest decision by government in consultation with RBI, they have allowed 100% FDI in WLAs, which will allow foreign entities to establish WLAs in India, which will help to serve larger customer base and will provide better options to customers
6. What are the services provided by the WLAs?
WLAs provide a wide range of services to customer ranging from providing Account Information, Cash Deposit, Regular Bill Payment, Mini / Short Statement Generation, PIN Change, Request for Cheque Book
White-label ATM
White-label ATM: The concept of white-label ATMs facilitates collaboration between non-banking entities and traditional banks. These ATMs are designed to be interoperable, meaning customers from various banks can use them for transactions. This interoperability enhances accessibility and convenience for users, especially in areas where traditional bank-branded ATMs may be limited.
Table of Content
- What is a White-label ATM?
- Features of White-Label ATM
- Reasons behind the Introduction of White Label ATM by RBI
- Objective of establishing White-label ATM
- White-Label ATM operator in India
- Different types of ATMs which are available in India
- Advantages of White-Label ATMs
- Disadvantages of White-Label ATMs
Contact Us