ATM has made our life very easy. There is no doubt about it. However, in the cash crunch scenario like today Micro ATMs is the best suitable option. Micro ATM is small POS type machine. Micro ATMs allows customers to perform financial transaction like cash deposit, withdrawal, and fund transfer. In this post, we will discuss about Micro ATM and its benefits.
What is Micro ATMs?
Micro ATM is a mini version of an ATM. Micro ATMs are like modified point of sales terminals this terminal can connect to banking network via GPRS to perform banking transactions. This machine contains card swipe facility and fingerprint scanner. These machines are carried by bank representative at remote/mobile locations. These machines are handy and not capable of keeping any cash. The cash is carried by the bank representative along with him/her. He/She is also responsible for collecting a cash and depositing it user account.
What transactions can be done at Micro ATM?
The Micro ATMs can perform following transactions –
- Cash Deposit
- Cash Withdrawal
- Fund Transfer
- Balance Enquiry
- Service Request acceptance
Micro ATM means to be a device that is used by a million Business Correspondents (BC) to deliver basic banking services. The platform will enable Business Correspondents (who could be a local kirana shop owner and will act as ‘micro ATM’) to conduct instant transactions. The micro platform will enable function through low cost devices (micro ATMs) that will be connected to banks across the country. This would enable a person to instantly deposit or withdraw funds regardless of the bank associated with a particular BC. This device will be based on a mobile phone connection and would be made available at every BC. Customers would just have to get their identity authenticated and withdraw or put money into their bank accounts. This money will come from the cash drawer of the BC. Essentially, BCs will act as bank for the customers and all they need to do is verify the authenticity of customer using customers’ UID. The basic transaction types, to be supported by micro ATM, are Deposit, Withdrawal, Fund transfer and Balance enquiry.