Complete information about Micro ATM? And, how does it work?
The government recently announced that micro ATM’s would be introduced to help people during the demonetization process. The word “Micro ATM” is new to everyone. There are certain doubts/questions in concern to it. Do you want to undergo with details, what is a Micro ATM? How it works and what are the benefits? This article has the best possible answers to these questions. For your details, go through the following information below.
Initially, these micro machines were developed to provide banking facilities to remote areas, but due to the cash problem in all over the country, the government will use them to overcome the issue.
WHAT IS A MICRO ATM?
Micro ATM is a compact machine that looks like a card swiping device but is capable of providing basic banking facilities. This type of ATM is ideally meant to facilitate the people who live in far flung areas where the regular 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 bring the machine to this field and provide basic banking facilities to the people there.
MICRO ATM LOOKS AND APPEARANCE
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. Here you can get to know–
The services are offered via Micro ATM’s are –
- An opening of Bank Account.
- The transaction using ATM Card.
- Deposit or Withdrawal of Cash.
- Mini Statement, Balance Inquiry, etc.
- Capturing the Biometric Details.
WORKING OF MICRO ATM – HOW WILL THIS MACHINE WORK?
Banks will assign representatives who will carry this device 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 instrument for carrying out any of the services as mentioned above.
The micro ATM’s have GPRS connectivity. They also have fingerprint sensor mechanism. The machine is connected to the core banking system, and when a user inserts ATM card, his/her details are fetched from the server and required operation is performed.
How will cash be withdrawn from this small machine?
As per the sources, the person will insert the ATM in the machine and enter the amount that has to be withdrawn.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 imparted to the user.
BENEFITS OF MICRO ATM (AUTOMATED TELLER MACHINE)
- Banking services can be given easily in remote areas.
- Relatively low cost of setting up.
- Portable device
- During the demonetization process, it will be used to help people.
- The Micro ATM concept was originally developed for providing facilities in remote areas. However, due to massive cash rush, the government is trying to use these machines to solve the issue.