IBM signed INR 2.6 Billion deal with BTI Payments

India: IBM, the multinational technology company entered into a INR 2.6 Billion deal with BTI Payments. The term of the project is seven years. IBM will provide ATM infrastructure management to the BTI payments which already runs over 3,000 white label ATMs in the country. The financial firm is planning to exceed the number of ATMs to 9,000 by March 2017.

To achieve the set target, BTI Payments require a partner which provide installment, management, monitoring, and servicing of the ATM infrastructure efficiently; BTI Payments will utilize IBM ATM solution.

Further, BTI Payments is planning to change its model for its ATM assets. Earlier the company was focusing on the Capital purchase and now planning to the lease & rental model.

According to TechSci Research, the Indian technology ecosystem is witnessing multiple deals in financial space. The incremental demand caused by financial inclusion is compelling the BFSI sector to grow its technology spending. Further, the new payment and small finance banking licenses from the central bank opens up the significant opportunities for the technology players.