What does a white label ATM mean?

What does a white label ATM mean?

White Label ATMs (WLAs) are the ATMs owned by non-banking entities. These ATMs do not display the logos of any bank. Bank Customers can withdraw money from debit cards/credit cards/prepaid cards issued by the banks at WLAs but they have to pay fee for the service provided to them.

Who can set up white label ATM?

White-Label ATMs Non-bank entities are permitted to set up WLAs in India, after obtaining authorisation from RBI under the Payment and Settlement Systems (PSS) Act 2007. Such non-bank entities should have a minimum net worth of Rs 100 crore.

What is white card in banking?

ATMs set up, owned and operated by non-banks are called white label ATMs and are authorized under the Payment and Settlement Systems Act, 2007, by the RBI. Using these ATMs is similar to using an ATM of a bank other than the bank where you have your account.

What is white label ATM and brown label ATM?

White Label ATM – When ATMs are owned and operated by non-bank entities but they are not doing ‘outsourcing-contract’ from a particular bank. Brown Label ATM – When banks outsourced the ATM operations to a third party. Green Label ATM – ATM is provided for Agricultural Transaction.

What is an ATM operator?

ATM Operator means a Person other than the Bank that owns an ATM or the cash placed in the ATM and that is provided Network access by an Independent Sales Organization (ISO) that is registered as an Agent by the Bank and more fully defined by Plus System, Inc.

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.

How do I know if I have white label ATM?

White Label ATMs are like normal ATM. However, cash deposit or cash acceptance facility is not permitted at the WLAs. At White Label ATM you will not find logo of any bank like ICICI, SBI etc. You will find logo of White Label ATM operator on these ATMs.

How do I open a white label ATM?

Procedure to open a White label ATM in India Fill up the form available on the website of the RBI. The entity applying for such payment system needs to have a minimum net worth of Rs. 100 crore. Any non-bank entity can apply to open a White Label ATM, and it is not just restricted to NBFC.

How do you operate an ATM machine?

How to use an ATM

1. Insert your debit card into the ATM. Payment cards come in two varieties, debit cards and credit cards.
2. Select your language.
3. Enter your PIN when prompted.

What does an ATM technician do?

The duties of an automated teller machine (ATM) technician are to install, service, and repair ATMs and other electronic office machines that dispense money and allow a customer to check their bank account. An ATM technician also addresses computer problems, such as potential viruses or other threats to security.

Is Indicash ATM profitable?

Depending on the business ownership undertaken by the franchisee partner and the location potential, an ATM franchisee owner can earn a healthy and a steady Return on Investment ranging between 33% to 50% plus.

What is pink ATM?

Pink label ATM- These are the ATMs machines that are provided for women. Brown label ATM – Brown label Automated Teller Machines are those ATMs where hardware and the ATM machine’s lease are owned by a service provider.

Is there such a thing as White Label ATM?

Traditionally, Automated Teller Machines (ATMs) have respective bank’s logo. So just by looking, this is SBI’s ATM, this is ICICI’s ATM and so on. But White label ATM doesn’t have such Bank logo, hence called White label ATMs. RBI has given license / permission to non-bank entities to open such ATMs.

Who is the owner of a brown label ATM?

About Brown Label ATMs | UPSC – IAS 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. The private company owns & operates the ATM machine, pays office rent.

Which is the ATM has logo of that bank?

ATM has logo of that bank (which has outsourced this work). RBI not involved directly. These outsourcing companies have contractual obligation with their respective banks. It is an initiative of RBI & Indian Banks Association (IBA) under provisions of the Payment & Settlement Systems Act, 2007.

When are ATMs owned and operated by non-bank entities?

When ATMs are owned and operated by non-bank entities but they are not doing ‘outsourcing-contract’ from a particular bank. The private company owns & operates the ATM machine, pays office rent. They negotiate with the landlord, electricity company, telecom company and so on. The bank (which has outsourced this work) provides cash for that ATM.