What are Micro ATM machines?
Micro ATM machine are card swipe machines through which banks can remotely connect to their core banking system. This machine comes with a fingerprint scanner attached to it. In other words, micro ATMs are handheld point-of-sale terminals used to disburse cash in remote locations where bank branches cannot reach. Micro ATMs are helpful in various businesses, shops and whatnot. Its portability and connectivity lead to easier payments, and hence, the customers don’t need to get access to a bank or ATM right there.
Authenticity of Micro ATMs:
To get a micro Swipe machine from a centralised bank, which is also known as a POS machine, there is a need for a current bank account in the bank; then writing an application regarding the POS machine and then, after acceptance of the request the business can opt for instant anywhere ATM in your bank, they will get POS machine quickly for taking money despite service.
Advantages of using micro ATMs:
Micro ATMs are card swipe machines through which banks can remotely connect to their core banking system. This machine comes with a fingerprint scanner attached to it. In other words, micro ATMs are handheld point-of-sale terminals used to disburse cash in remote locations where bank branches cannot reach.
Micro ATMs in the Indian context are not ATMs at all. Automated teller machines, as we know them, are cash dispensers. Micro ATMs are a modified point of sales terminals (card swipe machines)through which a bank can remotely connect to the bank’s core banking system using its debit card. It is a card swipe machine with a fingerprint scanner attached to it. These micro ATM machine are typically used by business correspondents (agents who represent banks in rural areas) of banks to connect customers who are far away from branches.
In this case, the human being (the business correspondent) acts as the cash cache for the ATM. He collects deposits and feeds in data, pays out from his pocket, and debits the account.
Micro-ATMs are used by BC (Business correspondent) or CSPs, i.e. Customer service providers, who can use these ATMs (especially in rural areas) to facilitate transactions with Aadhar. To get this, one has to apply to become a business correspondent at a particular bank branch. As per RBI norms, every bank has specific criteria for recruiting BCs. Once a person is compelled, he /she will be given a micro ATM machine to facilitate the customers who cannot come to the bank branch.
Micro ATMs are expected to be viable, whereas ATMs are not. ATMs need at least 80-100 transactions a day to be viable as they cost several lakhs and have monthly operating expenses of close to Rs 20,000 after considering rental, telecom charges, AMC costs, electricity expenses, and security guards. A micro ATM machine costs less than Rs 20,000. Also, because it is portable, it can be with a shopkeeper who doubles as a BC. Since connectivity is through GSM, the BC can carry it and travel from village to village at set times. It is widely expected that payment banks will use micro ATMs to reach out to the rural poor to bring down the cost of their operations.
Downside of Micro ATMs:
The downside of a micro ATM is that it cannot provide `anytime’ money. Either the shop will close down, or the BC might not be in town at the time when the account holder requires funds.
Initial setup and maintenance costs are needed for a reliable internet connection for the ATM to function correctly.
The potential for security breaches or theft overall, whether it is a good idea or not, depends on the specific circumstances of the retail shop and the target customer base.
Micro ATMs: transactions at your fingertips
The use of micro ATMs in a country like India, where daily transactions in ATM machines, long queues, wastage of time, effort, and transaction limitations are very common and troublesome for customers, is very common. To ease these problems, a single-handed solution can be Micro ATMs. Micro ATMs are convenient to use, provide faster transaction interfaces, and have the ability to process different types of payments. They can store transaction data efficiently and can be used for record-keeping, accounting, and tax purposes.
The Aadhar micro ATMs:
Aadhar Micro ATM is the latest payment method using your Aadhar card number. Cash withdrawals and deposits to balance inquiries and remittances can be made using the new Aadhar micro-ATM. These are like the unique point of sales gadgets in the market.
There is no denying the fact that the payments made using Aadhar micro ATMs are authorised by the banks. The main motto behind micro ATMs is enhancing card-less and PIN-less transactions. You don’t need to worry much as there are no extra charges while using the micro ATMs introduced by UIDAI. The bank representatives bring these machines to the doorstep; hence, now using the latest invention is just as simple as that.
Micro ATM machines are sometimes called mini versions of the actual ATMs. These wonderful machines have card swipes as well as a fingerprinting facility. These micro ATMs are handy and portable, and there is no way in which they can carry cash. KYC-based savings accounts can also be opened using the latest micro ATMs.
The working of the Aadhar micro ATM is similar to that of a typical ATM machine.
The very first step includes going through a verification process. This involves going through a card-swiping process or a fingerprint-scanning process. After the completion of the verification, there are various options displayed for transactions on the micro ATMs. After you select the option, the device will process the transaction. After the successful transaction, a message will be displayed on the screen, and a printable receipt will be generated.
As soon as the process is complete, you will get an SMS alert from the bank about the completion of the transaction. You can extend banking services in remote areas as well as use the micro-ATM. Since it is a portable device, it is very handy, and you don’t have to find an ATM nearby to process the transactions. The process is easy to set up in remote areas, and handling the Aadhar micro ATM is simple.
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There is no problem with security. The transactions are secured by a biometric-enabled process. Roundpay offers merchants safe, secure, simple, and affordable micro ATM accessibility.