Micro ATMs

As the name suggests, micro ATMs are a mini version of an ATM. These are like modified point of sales terminals which can connect to banking network via GPRS to perform banking transactions. This machine comes with a card swipe facility and a fingerprint scanner attached to it.

In other words, Micro-ATMs are portable devices that allow banking transactions including cash deposit, withdrawal and fund transfer using debit or RuPay cards and are mostly situated in remote or mobile locations.

MICRO ATM TRANSACTIONS

The following transactions can be performed by a Micro ATM :-

  • Cash Deposit
  • Cash Withdrawal
  • Fund Transfer
  • Balance Enquiry
  • Service Request acceptance
  • Aadhar Seeding
  • eKYC based saving account opening

WORKING OF MICRO ATM

A micro ATM works just like a normal ATM machine. The following are the steps to operate a micro ATM –

  1. First of all, a person has to undergo verification process such as Aadhaar card with fingerprint scanning or card swipe option.
  2. Once verification is completed Micro ATM will display various transaction options.
  3. After selecting the option, the device will process the transaction.
  4. On successful transaction, a message will be displayed on the screen and print receipt is generated.
  5. An Sms alert will be received from the bank about the transaction.

ADVANTAGES OF USING MICRO ATM

The following are the main benefits of using a micro ATM –

  • The cost of deployment of a micro ATM is lesser than that of an ordinary ATM. Where a normal ATM costs around several lakhs, a micro ATM costs less than Rs 20,000.
  • A micro ATM helps in extending the banking services anywhere in the country including the remote and mobile areas.
  • These devices are portable, easy to carry and easy to operate.
  • A micro ATM provides facility for the transaction for all the banks and hence it is an interoperable device.

 

Thus, in simple words, Micro ATMs are handheld point of sale terminals used to disburse cash in remote locations where bank branches cannot reach and allows customers to perform financial transaction like cash deposit, withdrawal, and fund transfer.

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