A Micro ATM is a hand-held device that allows customers to carry out basic banking transactions such as cash withdrawals, deposits, fund transfers, and balance inquiries using their debit cards. It is essentially a point-of-sale (POS) terminal that is designed to function as an ATM in remote areas where traditional ATM machines are not available.
Micro ATMs are operated by authorized agents or business correspondents of banks and are typically equipped with a card reader, a biometric scanner, a display screen, and a printer. The device can be used to access bank accounts and perform transactions on behalf of customers, including those who may not have access to traditional banking services.
Micro ATMs use a combination of technologies, including mobile networks, smart cards, and biometric authentication, to enable transactions in areas with limited or no connectivity. They are particularly useful in rural areas and small towns where the availability of banking services is limited.
Micro ATMs are part of the government’s financial inclusion program, which aims to provide banking services to every citizen in the country, especially those in remote areas. They help to bring banking services closer to people and reduce the need for customers to travel long distances to access traditional banking services.
Micro ATM services typically include basic banking transactions such as cash withdrawals, deposits, fund transfers, and balance inquiries using a debit card. The services are offered by authorized agents or business correspondents of banks and are typically available in remote areas where traditional ATM machines are not available.
Some of the common micro ATM services include:
- Cash withdrawal: Customers can use their debit cards to withdraw cash from their bank accounts.
- Cash deposit: Customers can deposit cash into their bank accounts using the micro ATM.
- Fund transfer: Customers can transfer funds from their bank accounts to another account using the micro ATM.
- Balance inquiry: Customers can check the balance of their bank account using the micro ATM.
- Mini statement: Customers can get a mini statement of their bank account transactions using the micro ATM.
- Aadhaar-enabled payment system (AePS): Customers can use their Aadhaar number and biometric authentication to access their bank accounts and perform transactions using the micro ATM.
Micro ATM services are particularly useful in rural areas and small towns where traditional banking services are not easily accessible. They help to bring banking services closer to people and reduce the need for customers to travel long distances to access traditional banking services.
