What is Micro ATM ? How Does a Micro ATM Work ? – Answers to your Questions
The government recently announced that micro ATM’s will be introduced to help people during the demonetization process. The word “Micro ATM” is new to us all in India. There are doubts/questions regarding it. People want to know What a Micro ATM is?, how does it work and what are its benefits. This article has been written to provide best possible answers to these questions. Kindly keep reading the complete post for detailed information.
Initially these machines were developed to provide banking facilities at remote areas but due to the cash problem in the country the government will use it to overcome the issue.
What is Micro ATM ?
Micro ATM is a small machine that looks like a card swiping machine but are capable to provide basic banking facilities. This type of ATM is very beneficial to facilitate the people who live in far flung areas where the normal ATM can’t be set up. Micro ATM is a portable device and can be easily carried in one hand. Bank official can visit the remote areas and carry this machine to that area and provide basic banking facilities to the people there.
What do Micro ATM Looks like ?
You probably have seen card swiping machines in Malls or shops. The micro ATM looks like them only. Here is an image of Micro ATM –
Micro ATM – Services to be Offered?
You will probably want to know what kind of services can be offered using the Micro Automated teller machine. Well here we go –
The services are offered via Micro ATM’s are –
- Opening of Bank Account
- Transaction using ATM Card
- Deposit or Withdrawal of Cash
- Mini Statement, Balance Inquiry etc
- Capturing the Bio-metric Details
Working of Micro ATM – How will this Machine Work ?
Banks will assign representatives who will carry this machine to the concerned area/locality. The bank official will then visit that place with the machine. Now the needy people will make use of the machine for carrying out any of the above mentioned services.
The micro ATM’s have GPRS connectivity. They also have finger print sensor mechanism. The machine is connected to the core banking system and when user inserts ATM card, his/her details are fetched from the server and required operation is performed.
How cash will be withdrawn from this small machine?
As per the sources, the person will insert the ATM in the machine and enter the amount that has to be withdrawn. Now the official will provide that amount to that person and receipt will be generated and the amount will get deducted from the bank account of the user. After every transaction a receipt(bill) will be generated that will be provided to the user.
Benefits of Micro ATM (Automated Teller Machine)
- Banking services can be provided easily at Remote areas
- Very Low cost of setting up
- Portable Device
- Will be used to help people during the demonetization process
The Micro ATM concept was actually developed for providing facilities at remote areas. However due to heavy cash rush, the government is trying to use these machines to solve this problem.