FINO PayTech announces strategic tie-up with Tata Communications Payment Solutions Limited

Tuesday, 09 June 2015


Alliance aims to drive financial inclusion by offering a host of financial & value added services at Indicash™ ATMs &FINO Money Marts in the country


Mumbai, 4th June 2015: FINO PayTech a payments technology provider and a payments bank aspirant today entered into a strategic partnership withTata Communications Payment Solutions Limited (TCPSL), which operates White Label ATM network in the country, under the brand name ‘Indicash™’. The alliance aims to drive the mutual goal of ‘financial inclusion’ by leveraging the reach of both the companies and setting up more ATM services and financial and value added services in underbanked geographies.


Through this unique partnership, FINO Money Mart outlets will have Indicash™ ATMs;similarlyIndicash™ locations will have FINO Money Mart points.The first set of Indicash™ ATM installations in FINO Money Marts and vice versa is expected to go live in Gurgaon, Faridabad and Pune.


FINO Money Mart outlets offer a range of banking and payment services such as domestic remittance, international remittance cash out, utility bill payments, travel bookings, mobile/DTH recharge, online shopping, cash management services and Aadhaar Kendra Services to its customers in unbanked locations.


Through this partnership customers will benefit from the combined offerings of ATM and FINO Money Mart services. The two companies plan to extend this convenienceto 100 outlets by the end of the fiscal in states like Maharashtra, Uttar Pradesh, Andhra Pradesh, Tamil Nadu, Delhi, Gujarat, Haryana and Karnataka.


Rishi Gupta, CEO and MD, FINO PayTech, says, “We are pleased to have TCPSL as our strategic partner in our constant endeavour to provide access to right products and services to our customers. We have a retail presence across 14 states with over 300 FINO Money Marts in the country, most of them deployed in the under banked locations. As a pioneer in offering tech enabled banking services to the unbanked, we look forward to working withIndicash™ ATMs, the largest White Label ATM network of the country. This association allows us to offer comprehensive banking solutions to our customers and we expect a significant increase in customer footfalls.”


Sanjeev Patel, CEO, Tata Communications Payment Solutions Limited, says, “We look forward to joining hands with FINO PayTech in working towards our common goal of economic empowerment and driving financial inclusion in the country. This strategic partnership will not only offer consumers easy access to several banking and value added services, all under one roof, but also help both the companies expand at a significantly reduced operational cost. This association further reinforces TCPSL’s commitment of extending its reach in the unchartered territories of India.”


Part of the $103.3 billion Tata group, Indicash™ ATM networkwas created to ensure convenience and ease of access to millions of citizens residing in satellite cities, rural towns and villages of India. The Indicash™ network has rolled out over 5000 ATMs across 20 states and 3000 towns in less than two years, an accomplishment with parallels in the FMCG sector in terms of speed and efficacy.


FINO PayTech largely works with low income households, rural customers, migrants, small business owners and daily wagers in providing access to banking and other financial services. Money Marts are part of FINO’s retail strategy to engage directly with target customers providing them access to a range of banking and payment service offerings such as remittance, utility bill payments, bus/train ticket booking, mobile/DTH recharge, micro insurance, international remittance cash out and assisted e-commerce with Snapdeal. In addition to Money Marts, FINO PayTech’s retail distribution channel includes a network of 10,000 franchisee points.