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Powered By: ICICI Bank & AFPL
- It’s a handheld device that gets connected to the bank’s Core Banking systems over mobile network to facilitate financial transactions.
- Portable, Economical and Low maintenance device.
- Except mobile connectivity, no other infrastructure required.
- Use debit card + PIN or biometric for authentication
- For biometrics, the authentication is done through AADHAAR database.
- Once authentication is done, the Business Correspondence (BC) gives the cash from his cashbox.
- Other financial transaction such as Direct Money Transfer, Bill Payment and Merchant Payments (POS).
- The Micro ATM concept tends to create an Eco System to spread banking services to the bottom of the pyramid.
- It solves the problem of last mile connectivity and overcomes infrastructure issue.
- It generates employment from cities till village level.
- Interoperable. Any bank services can be offered.
- Cash Withdrawal
- Balance Inquiry
- Direct Money Transfer
- Bill Payment
- Merchant Payments (POS)
- No extra space required
- Carry in your pocket anywhere
- Almost zero operational cost
- Withdraw cash using Debit Card / AADHAAR
- Highly cost effective