As the name suggests these are a smaller version of full-fledged ATM machines and are in general found in mobile and distant locations. These enable basic services such as balance enquiry, cash withdrawal and deposits
Features of Micro-ATMs
These ATMs via GPRS connect banking networks for executing banking transactions and also include the functionality of point of sales. Further, they can be operated through fingerprint scanner using the card swipe facility.
How these micro-ATMs work?
First for the bank account holder to operate these ATMs, one needs to go through the verification process which is either through aadhaar card with fingerprint scanning or card swipe facility. Once the process of verification is done with you can make a choice for the various transactions including cash deposit, fund transfer, eKYC based saving account, Aadhaar seeding, cash withdrawal, balance enquiry and service request acceptance.
And herein you select the service as per your need, a message will be shown and receipt generated. Also, a confirmation from the bank via an SMS received on a simultaneous basis on the customer's number registered with the bank.
Benefits of Micro-ATMs
1. Portable devices
2. Secure transactions that are biometric related