With the new marketing strategy and technology , the terminology of money transactions has also changed and now people are opting for micro ATMs to carry out their transactions conveniently. If you are unaware of mATM, then read this blog completely for important information about it.
What is POS Machine?
A POS machine is a point of sale machine which is a combination of hardware and software that enables an individual to transact and complete the amount securely. It accepts credit and debit cards to read details and find out where the funds are and whether it is sufficient for transactions.POS machineThe best advantage of using .
What is Micro ATM Machine?
A micro ATM machine is abbreviated as a micro automated teller machine and is a smaller version of an ATM that allows transactions through the swipe of debit and credit cards. It is a modified product of a POS machine which helps the merchant to transact money with the help of network. The best part of these Micro ATMs is their portability and ease of use which makes them convenient for the customer to choose from.
How does Micro ATM work?
Micro ATMs are operated by authorized agents known as business correspondents, which are generally used in semi-urban and rural areas. In order to transact through this, customers will have to provide their Aadhar card details to the service provider. Which will serve as the necessary ID proof to withdraw money. The specific process is as follows:
- The customer will have to go through a verification process. They are required to scan their fingerprint or iris on the biometrics-enabled Smart POS machine, which is verified by UIDAI records.
- Once the verification is complete, the micro ATM will display all the transaction options.
- The customer has to select the option and a smart POS machine will process the transaction.
- On successful transaction, a message will be displayed on the screen and a printed receipt will be generated.
- After successful completion of the transaction the customer will receive an SMS alert from their bank
Tasks that can be completed by Micro-ATM
- account opening
- ATM card transaction
- Aadhaar Enabled Payment (AEPS,
- base seeding
- biometric capturing
- cash deposit
- cash withdrawal
- eKYC
- fund transfer
- balance inquiry
- mini statement
What are the benefits of Micro ATM?
- The objective of Micro-ATM is to promote digital transactions in the country and make it conveniently accessible to the general public.
- High accuracy with stringent biometric identification
- Micro-ATMs are used to securely complete the digital transaction processes with the help of biometric technology and UIDI number.
- Micro ATMs are interoperable devices that can work for any bank
- Cost reduction, lower operation and maintenance costs as compared to normal ATMs
- Allows citizens to access their accounts and transact at their convenience
- Less cost
- Portable, easy to carry, and suitable for Indian semi-urban and rural areas
IGS Digital Center Limited
IGS Digital Center Limited is a platform through which you can give new heights to your business by taking its member ID and providing 300+ services to your customers. Micro ATM is one such service which gives us the opportunity to provide many essential services like Fund Transfer, Cash Withdrawal, Mini Statement to the customers with ease.