Advantages of White-Label ATMs
The advantages of White Label ATMs (WLAs) are-
- Convenience to customers: Customers get benefited from White Label ATMs since it acts like a mini bank as it serves all the basic banking services like balance checking, cheque book requests, mini statements, etc. so there is no need to visit a bank branch on a regular basis
- Uninterrupted service: White label ATMs are available 24 hours a day, seven days a week, even including holidays which provides seamless services to customers.
- Benefits to bank: Banks gets benefited from white label ATMs because they do not have to maintain a huge staff and office space, as they would have to maintain in establishing there own ATMs, this helps to lowers their branch-operational costs.
- Financial inclusion: White label ATMs have penetrated the rural, semi-urban, and low-income people in terms of providing them with all the basic banking needs. This financial inclusion of rural people helps in overcoming economic adversities and creating awareness about basic banking framework.
- Flexibility: White label ATMs allows ATM cards to be issued by any bank that can be used at White Label ATMs, so there is no need to find any specific ATM which deals only there own customer base and account holders. People can transact with any white label ATM without the problem of penalty or transaction charges.
- Value added Services: White label ATMs not only provide cash dispensing services but they also provides and other value-added services like mobile recharge, energy bill payments, etc. which solves the basic transaction needs of rural population.
White-label ATM
White-label ATM: The concept of white-label ATMs facilitates collaboration between non-banking entities and traditional banks. These ATMs are designed to be interoperable, meaning customers from various banks can use them for transactions. This interoperability enhances accessibility and convenience for users, especially in areas where traditional bank-branded ATMs may be limited.
Table of Content
- What is a White-label ATM?
- Features of White-Label ATM
- Reasons behind the Introduction of White Label ATM by RBI
- Objective of establishing White-label ATM
- White-Label ATM operator in India
- Different types of ATMs which are available in India
- Advantages of White-Label ATMs
- Disadvantages of White-Label ATMs