Retail ATM Giant acquires stake in IndiaPay to enter Indian Market

Top Quote India's Financial Services sector is booming due to new initiatives by Indian government and the Reserve Bank of India to bring financial reforms. It has opened doors to vast market of burgeoning billion plus population by allowing foreign investment in various sectors including financial services. End Quote
  • (1888PressRelease) January 04, 2013 - India has less than 150,000 ATMs deployed across the whole country for a billion plus population. The average ATM does about 300 transactions per day in India. There is vast scope and market for ATM service providers.

    IndiaPay which proudly calls itself "India's Payment Superstore" manages reliable and secure ATM and mobile payments infrastructure across India's heartland. Recently, South Korea's largest banking equipment manufacturer Hanmega and group company Genmega, Inc. acquired stakes in IndiaPay.

    Unmesh Laddha, President and CEO of IndiaPay "We have collaborated on number of projects, and bringing the Hanmega and Genmega group as stakeholders will provide our client banks and financial institutes with a complete list of value-added services from one organization. We believe the addition of Hanmega hardware expertise and Genmega retail ATM solutions to the product lines and services sold by IndiaPay, will allow IndiaPay to provide a high level of local serviceability and technical support to ATM transactions in the Indian heartland that is currently lacking."

    "I couldn't be more pleased with this acquisition. The combination will allow us to serve the vast Indian market and also be part of global IndiaPay brand." stated CK Kang, President and CEO of Genmega, Inc.

    About IndiaPay:
    Technology Service Provider to banks and financial institutes. It's solutions include White Labeled ATMs, Mobile Banking, POS Switching, White Labeled Internet Payment Gateway, Global Remittance Plantform and Cash Management Technologies customized for many Indian banks. IndiaPay also manages a vast branch network across Indian cities and towns with offices in Mumbai, India and Atlanta, GA in USA. For more info visit

    About Hanmega and Genmega
    Hanmega with Genmega is the 4th largest ATM manufacturer leading the market for Retail ATM solutions. Genmega deploys thousands of ATMS across US every year. For more info visit

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