What is Digital India Micro ATM?

Photo by Eduardo Soares on Unsplash

Micro ATM is a device that can be used by a million Business Correspondents also known as BC. This device is provided to them so that,  they can deliver primary banking services to the people who cannot go to the banks. 

This platform would help enable Business Correspondents like local shop owners and then they would act as a Micro ATM so that they can perform instant transactions for the people who cannot go to the banks. 

Micro ATM is basically a compact device, you can also call it a mini design of an ATM. The device looks like a card swiping tool which is used for payments through debit and credit cards. But, the difference is that it is capable of providing branchless banking. 

Micro ATMs are in confederation with the biometric sensor. Through this sensor, it can capture your Aadhar details, which would help the banks and all the payment solution companies. It taps a large portion of the unbanked sector successfully, with the help of these devices. It is also a correspondent network that delivers low-cost banking solutions to consumers that do not have bank accounts or who cannot visit the bank often. 

Micro ATMs are Point of Sale also known as PoS devices that work with minimum power. It directly connects with the central banking servers via GPRS. Hence, reducing the bank visiting costs to a considerable amount. 

The Micro ATM was originally made to help the people in urban areas. The vision was to achieve financial inclusion wherein the individuals can do transactions at a location near to them. As Micro ATMs are hand-held devices that can be taken to different locations and can also provide you with banking transactions independently, it's like moving with a mini ATM which would make it easier for people to withdraw cash in the fast-paced world. But, the utilities of a Micro ATM does not limit here, E-Governance CSP, one of India’s largest payment solutions companies took the Micro ATM concept miles ahead. E-Governance CSP developed an in-house Micro ATM system. This system  does not only limits banking transactions or on the device, but also provides last-mile banking services. 

Digital payment services are available on one single platform hence, converting physical cash to digital money that helps in micropayments of services and then settling them in a real-time environment.

E-Governance CSP is India's leading as well as the largest Payments Solutions provider, with the help of its physical presence on the virtual networks. 

The business requires service aggregation and distribution, utilizing mobile, Point of Sale, Micro ATM, Web for retail, online access for B2B and B2C business. 

E-Governance CSP is built to service the nation's large Telecom or DTH Operators, Utility billers, Services Providers, Large Format Retail Chains and Banks overall India.