Prizm Payment Services launches its White Label ATM Brand - Money Spot ATM in Kerala
Intends to put up 500 ATMs across India through its association with Muthoot Fincorp Ltd.
Pune (Dec. 01, 2014): Prizm Payment Services, a Hitachi Group Company, extended its White Label ATM brand – Money Spot in Kerala through its association with Muthoot Fincorp Ltd., the flagship company of the 127 year old business conglomerate Muthoot Pappachan Group.
As part of the launch in Kerala, it has initially set up 2 ATMs; one at Kesavadasapuram, Trivandrum and another one at Technopolis, Kakkanad Kochi. Going forward the company intends to put up 500 ATMs across India through its association with Muthoot Fincorp Ltd.
In Trivandrum, the Kesavadasapuram ATM site was jointly inaugurated by Mr. Loney Antony, Managing Director of Prizm Payment Services, and Mr. Thomas John Muthoot, Chairman and Managing Director, Muthoot Pappachan Group.
According to the data, as on March 2014, India had a total of 1,60,005 ATMs of which 58% are in Metro and Urban centers, 27% in semi-urban centers and only 14.5% in rural centers. In spite of rapid ATM growth over the last decade, regions beyond India’s urban and metro cities remain largely untapped and a large proportion of India's population is still unbanked or under-banked as banks have traditionally targeted urban areas for setting up new branches and ATMs.
With a focus on semi urban towns and rural areas, Prizm Payments intends to deploy a large portion of its Money Spot ATMs in such locations under its RBI license to deploy White Label ATMs. With Muthoot Fincorp’s presence and reach in semi urban & rural areas, Prizm Payments is better equipped to cater to a wider audience base and making payments accessible to card holders in such areas, across the country.
“By installing Money Spot ATMs in locations where Muthoot Fincorp has a strong presence and an existing relationship with customers, we hope to reach out to such audiences and extend the reach of banking services to a larger population base.
With Prizm Payments’ expertise in the payments space and Muthoot Pappachan Group’s nation-wide reach and diversified financial services offerings, we are also keen to explore other opportunities with the Muthoot Pappachan Group” said Mr. Loney Antony, Managing Director of Prizm Payment Services
“This tie-up is in sync with the growth vision of our company. Being one of India’s leading diversified business house, it is our commitment to take banking to the rural and underpenetrated markets in the country. We are sure that this association will help us in reaching out to customers from all banks, and will be interconnected with the entire ATM network in the country” said Mr. Thomas John Muthoot, Chairman & Managing Director, Muthoot Pappachan Group.
Prizm Payments currently has over 1200 Money Spot ATMs across the country and intends to install at least 9000 ATMs under its license from the Reserve Bank of India.
Apart from Prizm Payments’ Business to Consumer (B2C) initiative – Money Spot ATM, its 3 main lines of businesses are in the Business to Business (B2B) space. These include ATM Management Services, Point of Sales (POS) Management Services and services in the Emerging Payments space (non-traditional payment services like e-commerce, mobile POS etc.). It has over 1,00,000 customers and merchants – directly and indirectly.