Electronic Payment & Services Pvt. Ltd. (EPS)

Banks’ proposal to limit free ATM transactions finds few takers

admin — Thu, 16 Jan 2014 14:01:32 +0000

Mumbai: A proposal by Indian banks to limit free transactions on automated teller machines (ATMs) to five per month for both their own and other banks’ customers has found few takers, and some critics say such a move would prove counter-productive.

Indian banks are lobbying for central bank approval to charge users of their ATMs a fee for more than five transactions, citing the increased cost of maintaining the network of machines. A representation to this effect has been made by the Indian Banks’ Association (IBA), the lobby group of banks, to the Reserve Bank of India (RBI).

Currently, banks are not allowed to charge their own customers for use of the ATM network, regardless of the number of transactions. Other banks’ customers are allowed up to five transactions free of cost per month.

“Operational costs have risen due to the need for security in every ATM and increase in frauds and we think the people of the country are ready to pay if provided a service,” said IBA chief executive M.V. Tanksale.

Banks have been under pressure to step up security at ATMs after an incident in Bangalore in November, when a woman bank manager was brutally attacked and robbed inside an unguarded ATM kiosk where she was withdrawing money. Banks are also trying to earn more fee income as transactions on ATMs increase with their growing reach.

ATM service providers argue that limiting the number of free transactions may push customers away from using the machines and back towards bank branches, making it more expensive for banks in the long run.

“Looking at ATMs as a revenue channel is a misnomer. They are services channels; they ideally substitute branches where cost of transacting in a branch is higher,” said Sanjay Kapoor, founder director of Electronic Payment and Services (P) Ltd, an ATM service provider.

ATM solutions firm EPS raises Rs 33 crore from Dutch investors – The Economic Times

admin — Fri, 20 Dec 2013 05:00:52 +0000

BANGALORE: Mumbai-based ATM payment solutions company Electronic Payment and Services (EPS) has secured funding of 33 crore from Asia Participation BV, an affiliate of The Hague-based Netherlands Development Finance Company.

The Mumbai-based company manages ATM operations for public sector banks in Maharashtra, including their installation and maintenance.

Please click here to read the full article on The Economic Times…

Mumbai-based payment system company EPS raises over $5M from Asia Participation – VCCIRCLE

admin — Fri, 20 Dec 2013 04:56:54 +0000

Mumbai-based payment system company EPS raises over $5M from Asia Participation

BY Sainul K Abudheen

Prior to this round, EPS raised two series of funds totalling Rs 53 crore from Aavishkaar.

Mumbai-based payment system company Electronic Payment and Services Pvt Ltd (EPS) has secured Rs 33 crore (over $5 million) funding from Asia Participation B.V, an affiliate of FMO, a Dutch development bank. The capital will be used for bringing innovations in the current business.

Please click here to visit the vccircle website for full article…

Live Interview of Mr. Prakash Joshi on CNN IBN

admin — Fri, 22 Nov 2013 05:28:53 +0000

Live interview on CNN IBN about security of ATMs.

Participants:

Rajdeep Sardesai (Journalist)

Kiran Bedi (Former IPS Officer)

Ashwini Nachappa (Activist)

Prakash Joshi (COO of EPS)

Please click here for the full video of the interview…

CNBC TV: Woman attacked in ATM booth; need for tighter security

admin — Fri, 22 Nov 2013 05:23:31 +0000

The Indian bank association says ATM security is the responsibility of the bank but is quick to add that no bank is required to provide round-the-clock security at these kiosks, when other security measures are available. Please click here for full article…

Times Of India article on security of ATMs

admin — Fri, 22 Nov 2013 05:13:26 +0000

The brutal attack on a woman at an ATM in Bangalore has struck fear in the hearts of people everywhere. Though ATMs are the primary source of cash withdrawals today, banks have taken few, if any, measures to protect customers from criminals. For full article please click here…

Mumbai-based EPS raises Rs 40 crore from Aavishkar – The Economic Times

admin — Fri, 30 Aug 2013 05:32:01 +0000

Mumbai-based Electronic Payments and Services (EPS) has raised $6 million (about Rs 40 crore) in second round of funding from impact investment fund Aavishkaar.

Last year the investment firm had pumped in about $4 million (about Rs 27 crore) in the payments services company.

EPS, set up in 2011, offers services including end-to-end ATM management and transaction processing to banks. The company plans to deploy 5,000 ATMs in the State of Maharashtra by end of the current fiscal.

Last year the Reserve Bank of India, in a bid to enhance financial inclusion, had decided to permit non-banks to set up, own and operate ATMs to accelerate the growth and penetration of ATMs in the country.

This change in rules will see the installation of over 180,000 ATMs in the next few years, according to the company’s estimates, especially in rural regions.

The firm plans to use the funds to provide other services like utility bill payments, mobile payments for urban and cooperative banks and shared infrastructure services, issuance of cards, transaction processing services for regional rural banks.

Aavishkaar, which has raised four funds so far, is a decade old investment firm that invests in early-stage ventures focused on rural and semi-urban consumers. Its previous investments include Rangsutra, Vaatsalya and Milk Mantra.

Please click here for the full article on The Economic Times.

ATM outsourcing company EPS raises Rs 37 crore from Aavishkaar – Times Of India

admin — Sat, 17 Aug 2013 08:07:12 +0000

ATM outsourcing company Electronic Payments and Services (EPS) has raised $6mn (Rs 36 crore) from private equity fund Aavishkaar last week. This is the second round of funding for the start-up which has received the mandate to set up machines all over Maharashtra by public sector banks.

Please click here to read the full press release on Times Of India website…

1000 ATMs Installed in 240 days

admin — Tue, 14 May 2013 08:05:12 +0000

Electronic payment space continues to lure investors

admin — Tue, 19 Feb 2013 07:18:07 +0000

With a thrust on financial inclusion, banks are focusing on expanding their reach in a cost-effective way. This has spawned the need for heavy investment in technology and electronic payment channels.

As banks are looking at such infrastructure as ancillary assets, wanting to focus on core activity, they’re reluctant to commit their resources here, throwing space open for other players. Much of this activity is getting outsourced to the private sector.

Automated Teller Machines (ATMs), a key segment in electronic payments, are set to more than double in number over the next two to three years. At present, they number a little over 1,00,000, according to National Payments Corporation data.

Read the full article on Business Standard (Click Here)