What is Micro ATM? This fintech has just made withdrawing money, balance enquiry even easier
Equipped with card swipe facility, the micro ATMs can even operate via fingerprint scanner.
Similar to bank ATMs, the micro Automated Teller Machine (ATM) also provide traditional services like withdrawing cash, balance enquiry, cash deposits and much more. However, the micro ATMs are best for carrying out cash transactions in situation when bigger ATMs are running dry. Micro ATMs as the name suggests are a mini version of an ATM. They are developed with features like point of sales (POS), connecting banking networks through GPRS for carrying bank-related transactions. Equipped with card swipe facility, the micro ones can even operate via fingerprint scanner. Generally, these mini ATMs are situated in remote or mobile locations.
Here’s how Micro ATMs operate!
To operate this portal, a person has to undergo verification process such as Aadhaar card with fingerprint scanning or card swipe option. Once verified, he or she will be able to select options for various transactions like cash deposit, fund transfer, eKYC based saving account, Aadhaar seeding, cash withdrawal, balance enquiry and service request acceptance. Note, these options can be different depending upon banks or fintechs.
For carrying a transaction all you have to do is select the option as per your requirement, then a message will be displayed on the screen and print receipt is generated. After the transaction, a person will as usual receive confirmation from their bank about the transaction via SMS.
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Among the benefits these Micro ATMs are that they are portable devices, have low cost option, biometric related secure transaction and also have low-cost features.
Guess what! This Fintech has done
To strengthen the use of Micro ATMs, Spice Money, a DiGiSPICE Group company dedicated towards applying fin-tech solutions to achieve greater financial inclusion, has taken another strong step towards this objective through its ‘Micro-ATMs’ similar in design to Point-of-Sale card machines.
Considering the fact that Confederation of ATM industry (CATMi) has announced its plans to shut down nearly 50 per cent ATMs due to high maintenance cost of software and equipment upgrades, Spice Money has taken up the pressing task of developing an alternate transactional framework.
It has already been rolling out the cash withdrawal facility across its 2,00,000 merchant points through Aadhaar Enabled Payment System. It continues to add thousands of merchants to this network every month.
Micro-ATMs allow users carrying debit cards to do essential financial transactions. The AEPS systems have already reached across 2 lakh customer touchpoints, while more than 10,000 micro-ATM devices spread across the states of UP, Bihar, Jharkhand and Orissa are easing financial operations for millions of Indians every day.
Spice Money’s Micro ATMs aim to bridge this growing need gap by allowing users to carry out essential financial transactions by empowering local retailers and kirana store owners with these devices. The AEPS systems empower even the most marginalized and underserved Indians, bringing the convenience of thumb-print enabled transactions at their doorstep.
Spice Money’s twin solutions-Aadhaar Enabled Payment Systems and Micro ATM devices-tackle these problems most efficiently. They allow essential financial transactions such as Cash Withdrawal and Balance Enquiry. Users can swipe their debit cards on the machine and withdraw the respective amount of cash. Balance enquiry through a secure PIN/ID based system can also be done. Through its focused efforts, Spice Money has established itself as one of the frontrunners in strengthening the national banking system by initiating a parallel, and less costly, network of financial empowerment.
Cited by SpiceMoney, India has the world’s second largest number of internet users and is expected to have more than 450 million smartphone users by 2022. Considering the same, the best way to achieve greater financial inclusion is to use the power of digital technology and make every individual a prospective bank, rather than make them travel 15-20km to even locate an ATM!