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Negligible service cost
This includes low-cost device and thus different service cost is negligible.
Micro ATM offers similar traditional banking services like cash withdrawal, deposit, and inquiry of balance. These advanced banking services are upgraded with GPRS connected banking networks and point of sales for carrying out the banking transactions. This can be operated by card swiping and scanning a fingerprint.
For availing the benefits of Aadhaar based cash withdrawal, the person needs to go through a series of verification processes. This verification process also undertakes the fingerprint scanning and card swiping. Once the verification process is done, the person will get access to the micro ATM services. The options might vary depending on the banks and their services. People are notified with the SMS or pop up on the device screen, people might print the pop up if required.
The thing is you cannot swipe and continue the banking transaction process. You need to scan your fingerprint and Aadhaar number to carry forward the banking transactions. The transaction is only be done if the bank account is linked with the Aadhaar card.
- Aadhaar based micro ATMs are upgraded with Point of Sales (POs).
- For the Aadhaar based cash withdrawal, the person needs to verify the Aadhaar card number and fingerprint through scanning.
- These cash transactions are authorized by the banks. This is authenticated by UDAI.
- UDAI authenticates the transactions by the biometric data from the stored database.
- The main aim of the micro ATM is to generate PIN-less and cardless banking transactions.
- The representatives bring the machines to the doorsteps and make such banking services easier.
- Another attraction of such bank transactions including cash withdrawal is no service charge associated.
- This includes low-cost device and thus different service cost is negligible.
- This service is comprised of cash withdrawal, cash deposit and inquiry of balance to the respective bank accounts.
- These services facilitate the rural area of India where the number of traditional ATM are less in numbers.
UDAI confirmed that the banks might carry forward the micro ATM services. The customers of the banks can withdraw cash, deposit cash and inquire the balance in their respective accounts. This will be a unique benefit for the bank customers and this step will make the transaction process easier and popular. Another attraction of this service is for the people who don’t have smartphones and credit/debit cards. They couldn’t avail of any kind of e-banking and cashless services. Now they can get all the facilities through micro ATM by scanning their fingerprints and Aadhaar card numbers.
This is recorded that 600000 Indian villages have only 1,40,000 physical bank branches. That is why the baking facilities are ignored by the villagers in some cases. They need to travel a long distance to get the traditional baking facilities. These modern banking facilities are extremely helpful to them and the people who can’t manage to go outside. This is a Aadhaar based bank transaction process through mobile devices. People can enjoy a secure and safer mode of banking transaction in a convenient manner. The cash withdrawal process has also become much easier than traditional banking.