Euronet launches shared ATM network

Euronet has launched a shared ATM network in India, which will support ATMs of four banks—IDBI Bank, Citibank, Standard Chartered Bank and UTI Bank and is expected to go live next month under the brand name ‘Cashnet’. Cashnet will provide access to more than 1,300 ATMs catering to 6 million debit and credit card holders of the member banks, which would constitute about a third of the total card base and 15 percent of the ATM base in the country. “We expect the network to have at least 2500 ATMs catering to eight to ten banks by the end of the financial year,” said Srinivas Rao, director of sales at Euronet Services India. Customers of member banks can use any ATM in the network. The transactions will be supported by online connections between each bank and the Euronet processing centre in Mumbai.