Are white label ATMs any different from bank ATMs?

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Are white label ATMs any different from bank ATMs?

As a customer, one can use these machines just as a regular ATM. WLAs offer debit card services such as cash withdrawal and enquiry. The Reserve Bank of India (RBI) authorizes non-bank ATM operators under the Payment and Settlement Systems Act, 2007.

What are brown label ATMs used for?

‘Brown label’ ATM are those Automated Teller Machines where hardware and the lease of the ATM machine is owned by a service provider, but cash management and connectivity to banking networks is provided by a sponsor bank whose brand is used on the ATM.

What are the two types of ATMs?

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There are two primary types of ATMs. Basic units only allow customers to withdraw cash and receive updated account balances. The more complex machines accept deposits, facilitate line-of-credit payments and transfers, and access account information.

Which white label ATM is best?

“Hitachi Money Spot ATM” is the brand of White label ATM deployment in India. The Operator is one of the select non-Bank entities in India which has been licensed by the Reserve Bank of India (RBI) to deploy White label ATM’s across the country with a strong focus in Tier 3 to Tier 6 towns for deployments.

What is white label ATM example?

White-Label ATMs Automated Teller Machines (ATMs) set up, owned and operated by non-bank entities are called “White Label ATMs” (WLAs). Non-bank entities incorporated in India under the Companies Act 1956 are allowed to operate WLAs. These machines are usually deployed by NBFC (Non-Banking Financial Institutions).

How do I identify a brown label ATM?

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The machine bears the logo of the sponsor bank. The Automated Teller Machines in which hardware and the lease of the ATM machine is owned by the service provider, but the cash management and connectivity to banking networks is supplied by a sponsor bank, whose brand is used on the ATM, are called ‘brown label’ ATMs.

Who provide cash for white label ATMs?

Of the eight WLATM players, Tata Communications Payment Solutions is the largest deployer with 8,290 ATMs, followed by BTI Payments (6,249), Vakrangee (4,506), Hitachi Payment Services (3,535), RiddiSiddhi Bullions (681), Muthoot Finance (217), and AGS Transact (119), while Srei Infrastructure has exited the business.

How many white label ATMs are there?

As per RBI data, there are eight WLAOs, including Tata Communications Payment Solutions, BTI Payments, AGS Transact Technologies, and Hitachi Payment Services, with collective pan-India ATM deployment of about 24,000 as of July-end 2020.

What are the labels of ATM?

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White Label ATM – White Label ATM means the automated teller machine which Non-Banking Financial Companies provide. Green Label ATM – Green label ATMs are provided for Agricultural Transaction. Orange Label ATM – Orange label ATMs are the machines which are provided for share transactions.

How do I read my ATM receipt?

ATM receipts The ATM receipt usually replaces most of the account number information with an X. However, the last four digits of your account and card number, plus the balance, the most recent transaction, and the name and location of the ATM withdrawal remain.