Micro ATM meant to be a device that is used by a million Business Correspondents (BC) to deliver primary banking services. The platform will enable Business Correspondents (who could be a local kirana shop owner and will act as ‘micro ATM’) to perform instant transactions. Micro ATM is a compact device that looks like a card swiping tool but is capable of providing branch less banking to the last mile. Micro ATM in union with a bio metric sensor which can capture ones aadhar details can help banks and payment solution companies tap large unbanked sector successfully as they can use these devices along with their banking correspondent network to deliver low cost banking solutions to the unbanked customers.
Micro ATMs are Point of Sale (PoS) Devices that work with minimum power, they connect to central banking servers through GPRS, thereby reducing the running costs considerably. Micro ATM is a mini design of an ATM. A Micro ATM was originally developed to help people in urban areas to achieve financial inclusion where people can do transactions at a location near to them. Micro ATM’s being hand-hold devices can be taken to the distance of locations and can provide banking transactions independently.
But the use case of a Micro ATM doesn’t limit here – Digital India CSP, one of India’s largest payment solutions company took the Micro ATM concept clear and bounds ahead. Digital India CSP developed an in house Micro ATM. which doesn’t only limit one to do banking transactions or on the device but also provides last mile banking, digital payments services on one single platform thereby converting physical cash to digital money for micro payments of services and settlement in a ‘real time’ environment.
Digital India CSP is India's leading and largest Payments Solutions provider with a physical presence on a virtual network. Its business requires service aggregation and distribution, utilizing Mobile, PoS, Micro ATM, and Web for retail, on line access for B2B and B2C. It is built to service the nation's large Telecom/DTH Operators, Utility billers, Services Providers, Large Format Retail Chains and Banks, pan India.
