MICRO ATM: A STEP TOWARDS CASHLESS ECONOMY
WHAT IS A MICRO ATM?
Micro ATMs are portable card swipe machines invented to help the rural and remote areas for financial help and inclusion. These are mini versions of an ATM and have built an extensive banking infrastructure that provides quality banking services to people of rural and urban areas equally. Micro ATMs enable the Banks Business correspondents (BC) with the biometric device to enable the customers to avail the basic banking services and financial transactions like deposits, withdrawal, fund transfer, balance enquiry and mini statement. BC/ Agents use Micro ATMs which includes a card reader for all cash withdrawals and balance enquiry transactions from all kind of bank debit cards.
SERVICES PROVIDED BY MICRO ATMS:
1. Cash withdrawal
2. Cash deposit
3. Balance enquiry
5. Aadhar seeding
6.Service request acceptance
7. eKYC based saving accounts opening
BENEFITS OF USING MICRO ATM
1. Low-cost option and simple machine
2. Easy to set up and operate, even in remote areas
3. Biometric enabled secured and hassle-free transactions
4. Portable machine and can be connected through GSM
5.Quick cash deposits, withdrawals, balance enquiry
6. Interoperable device that works for any bank
7. Helping the economy to go cashless
- MICRO ATMS AND WORK PROCESS
• Firstly, the banks will assign a correspondent/ agent who will sign up customers in remote areas after verifying their identity. The verification process either needs an Aadhar card with biometric fingerprint or Aadhar card number. The fingerprint and other details linked to Aadhar card also serve as an ID proof required to carry out transactions.
• To use and operate the portal the person has to undergo verification process ( Aadhar card with fingerprint scanning or card swipe option). Once the verification process is completed he/she will be able to carry out various kinds of transactions, such as – cash deposits, cash withdrawals, fund transfer, balance enquiry, etc.
• For carrying out a transaction, one needs to select the option as per one’s requirement and the device will process the transaction. On successful transaction, the screen of the device will display a message and a print receipt will also be generated. The person will receive the confirmation from their respective banks about the transaction carried out via SMS.
WHY PAYMONK SERVICES?
Paymonk is a leading service provider of AEPS and Micro ATM services and solution with software, mobile app and micro ATM devices. It offers the best Micro ATM solution which is fast, secure and efficient. Paymonk provides Micro ATM services with various features, customized reporting and attractive commission margin on each transaction. It provides a total payment solution to BC/ Agents which eases and secures the payment process for the greater benefit of their business.
For more information, please visit: https://paymonk.com/