Almost a decade after Mint Road announced its white label automated teller machine (WLATM) policy, just about everyone is unanimous it has been a resounding flop. Had it fired the way imagined, there would have been at least double the current number of ATMs at 234,357.
At the heart of the mess is interchange — the pay-out by a card-issuing bank when you swipe at other banks’ ATMs, including on WLATMs. “It has not been revised since 2012, despite requests from the industry. It has to move up to Rs 18 from Rs 15 for cash transactions and ...
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