By Piyush Shukla

Copyright thehindubusinessline

Paysis, a new payments subsidiary floated by white label ATM major India1 Payments, is targeting to onboard 200 lenders on its platform over the next two years, said K Srinivas, executive vice chairman of India1 Payments.

“We have one medium sized bank currently and few co-operative banks. Of course India1 remains an anchor customer. There are discussions happening with several other banks. People want to see what we have done beyond India1 Payments. There are thousands of rural and co-op banks but onboarding 200 lenders is something we are targeting to achieve in 2 years,” he said.

Srinivas said currently India1 is the third largest ATM operator in the country with nearly 15,000 ATMs and the recent hike in ATM interchange fee helped the company generate more free cash flow, which led to the creation of Paysis.

“Thanks to recently announced hike in ATM interchange fee, it helped us make enough money to expand. This part of the business is a bit on auto pilot mode. We generate enough cash to fund other parts of business via WLA earnings. Given the penetration levels in the semi urban and rural space in India, we believe there is an opportunity to continue to expand that business. Over the next 4-5 years we are going to expand to 20,000-25,000 ATMs. It will continue to be our bread and butter and we will continue to focus on that,” he said.

Srinivas said over the last 2-3 years the company built a robust technology backbone to run its network of ATMs, which requires complex switching and technological capabilities. The company now has around 60-member tech team led by Rajeev Desai, who has now been appointed as CEO of Paysis.

Desai said Paysis will first provide switching services, card management, UPI, IMPS and mobile banking to rural and co-operative banks.

“Another core product for us is the reconciliation product which is not in a good state for many co-operative banks. We think we will be able to support co-operative, rural banks, credit societies, and small NBFCs. This space is evolving as digital currency also has a scope. In future we will develop more products to support more such banks,” he said. ENDS

Published on September 22, 2025