Micro ATMs

The micro-ATM channel has held its own despite growth in digital payments and pricing not being raised

These easy to deploy, cost-effective devices that are akin to a point-of-sale terminal have mushroomed in India's semi-urban and rural areas

Capital India Finance's fintech subsidiary RapiPay on Tuesday said it aims to deploy 5 lakh micro ATMs over the next two years in the country. RapiPay, which uses a franchised retail network to provide banking business correspondents (BCs) services, has recently launched micro ATMs (mATMs) across the country. The company said it believes that for ATM cash withdrawals, Micro ATMs are a game-changer for Indian consumers, especially the marginalised population located in tier I, II towns and rural India. "We have been able to install over 25,000 devices within a month of its launch. RapiPay Micro ATMs are revolutionary in comparison to the conventional ATMs and offers utmost ease to the consumers enabling them to withdraw cash and do other similar banking activities at any RapiPay Saathi store without having to travel kilometres in search of an ATM," RapiPay MD & CEO Yogendra Kashyap said. Availability of Micro ATMs, AePS (Aadhaar Enabled Payment System) and other services such as ...

Recaliberation of ATMs to disburse higher denomination notes had also started and will be enhanced in the next few days.

About 5,000 solar power driven V-Set connected micro ATMs will be operational by end of 2016