FINO to help ecommerce novices shop at ATMs

FINO PayTech is a technology company which specialises in bringing unbanked persons into the financial services fold. The firm has also applied for a payments bank licence. The companys recent service Money Mart is a manned desk which primarily targets urban customers with remittance service and provides low-value loans to rural customers.

The firm, which had been setting up Money Marts on its own, recently tied up with Tata Communications Payment Solutions (TCPSL), a white label ATM network in the country which deploys its own ATMs under the brand name Indicash. The partnership is aimed at both companies serving each others customers. FINO PayTech will set up Money Marts within Indicash ATM kiosks.

According to a FINO spokesperson, the company has a tie-up with ecommerce providers like Snapdeal to offer assisted ecommerce services to its target customer base, comprising of migrants and low-income households and, besides providing cash-on-delivery option at the kiosks, FINO employees allow customers to shop from their screens. At present, the customer has to withdraw funds from the ATM to make payments.