Prizm Payments, Muthoot Fincorp launch white label ATMs in Kerala

Prizm Payment Services, a Hitachi group company, has launched Money Spot, its white label ATM brand, in Kerala in association with Muthoot Fincorp.

The RBI has permitted non-bank entities to open ATMs that do not display a bank logo and are hence called white label ATMs.

Prizm has set up two such ATMs; one at Kesavadasapuram here and the other at Kakkanad, Kochi. Going forward, the two players intend to jointly put up 500 ATMs across the country, according to a Prizm spokesman.

Prizm currently has over 1,200 Money Spot ATMs across the country and intends to install at least 9,000 more.

Loney Antony, Managing Director, Prizm, and Thomas John Muthoot, Chairman and Managing Director, Muthoot Pappachan Group, jointly opened the ATM at Kesavadasapuram on Monday.

As on March 2014, India had a total of 1,60,005 ATMs, of which 58 per cent are in metro and urban centres, 27 per cent in semi-urban centres and only 14.5 per cent in rural centres.

Prizm intends to focus on semi-urban towns and rural areas and deploy a large number of Money Spot ATMs in such locations, the spokesman said.

It hoped to benefit from Muthoot Fincorp’s presence and reach in the semi-urban and rural areas.

“We are also keen to explore other opportunities with the Muthoot Pappachan group,” said Loney Antony with reference to the parent company of Muthoot Fincorp.

Thoms John Muthoot said the association would help his company reach out to customers from all banks and get connected with the entire ATM network in the country.