Micro ATM
Similar to bank ATMs, the micro Automated Teller Machine (ATM) also provide
traditional services like withdrawing cash, balance enquiry, cash deposits and much
more. However, the micro ATMs are best for carrying out cash transactions in situation
when bigger ATMs are running dry. Micro ATMs as the name suggests are a mini version
of an ATM. They are developed with features like point of sales (POS), connecting
banking networks through GPRS for carrying bank-related transactions. Equipped with
card swipe facility, the micro ones can even operate via fingerprint scanner. Generally,
these mini ATMs are situated in remote or mobile locations.
How Does Micro ATM Works?
To operate this portal, a person has to undergo verification process such as Aadhaar
card with fingerprint scanning or card swipe option. Once verified, he or she will
be able to select options for various transactions like cash deposit, fund transfer,
eKYC based saving account, Aadhaar seeding, cash withdrawal, balance enquiry and
service request acceptance. Note, these options can be different depending upon
banks or fintechs.
You will require the following formation to carry out an AEPS transaction:
- Bank’s Issuer Identification Number (IIN) or Name
- Aadhaar Number
- Fingerprint