Meanwhile, cash withdrawals worth ₹19.67-lakh crore were done in December 2020.The number more than doubled to reach a whopping 14.19 lakh in December 2022, show data. At the end of 2020, there were just about 3.56 lakh micro ATMs in India.However, there was no significant rise in the value of money withdrawn through these devices since June last year According to data from the Reserve Bank of India (RBI), there exists 19 lakh micro ATMs across the country as of December 2022.The year 2022 saw a rapid rise in micro ATMs being deployed across the country.
The fingerprint and personal details may also be linked to the Aadhaar Card, which will then serve as the ID proof required to withdraw money.
Bank will assign a correspondent who will sign up customers in remote areas after verifying their identity (fingerprint can be used as an authentication tool for rural people).Hence, if the bank correspondent is unavailable or the shopkeeper has shut his shop, the account holder will not be able to undertake any financial transaction. Micro ATM cannot provide 'anytime' money.Micro ATM has connectivity through GSM hence it can travel from village to village.ATMs need at least 80-100 transactions a day to be viable as they cost several lakhs. According to bankers, the cost of deployment of a micro-ATM is lesser than that of an ordinary ATM. They also facilitate cardless money disbursal, using the Aadhaar-enabled payment system (AePS) at remote locations.Micro ATMs are similar to point of sale (PoS) terminals and are a doorstep mobile banking arrangement cum-mobile ATM device.In other words, micro ATMs are handheld point of sale terminals used to disburse cash in remote locations where bank branches cannot reach. This machine comes with a fingerprint scanner attached to it.Micro ATMs are card swipe machines through which bankscan remotely connect to their core banking system.
#Cash overflow x for swipe portable#
Micro ATMs, just as the name suggests, are smaller portable versions of ATMs and can help you boost your income with minimal investment as the Micro ATM price is very less and earnings are high.
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