How micro ATM is different from the traditional ATM installed by banks?

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How micro ATM is different from the traditional ATM installed by banks?

The first Automated Teller Machine (ATM) was installed in India in 1987 by HSBC in Mumbai. Fast forward a few years and this electronic machine has become part of everyday life. People prefer ATMs over banks as they enable a seamless banking experience without having to stand in long queues for hours together. What if we tell you that this hassle-free experience will upgrade to the next level? All thanks to the Micro ATM machine. So, what is a micro-ATM? How does it work? What’s in it for you? Let’s find out all the answers to your questions about Micro ATMs and how they are different from traditional ones.

The Traditional ATMs

ATM is a self-service banking outlet that allows you to perform all your banking activities such as cash withdrawals, mini statements, cash deposits, and more. To further enhance the user experience and enable ease of transactions, RBI now allows a certain number of free ATM transactions from other banks too. So, you can enjoy 3-5 free ATM transactions done through a different bank’s ATM.

Uses of ATMs

ATMs are mostly used for cash withdrawals but they come in handy for carrying out multiple other transactions. You can deposit cash, check account balance, activate online banking, and even print pass books at times along with carrying out other banking activities. Since, these ATMs are available at various places such as public spaces, malls, airports, etc., it is super easy to avail the facilities. Are you caught in an emergency and urgently need cash or want to carry out bank-related transactions? Then ATMs are at your service as they are open 24*7. Some advanced ATMs allow you to even open or withdraw your FD. So, you must be wondering if ATM helps a great deal and what is this micro ATM all about. Let’s find out.

Micro ATMs

As the name suggests, the Micro ATM machine is a mini version of the ATM. It is a value added service which any Mswipe merchant can avail on a limited POS machine variants like Wisepad G2, Wisepos Neo and Wisepad G2 plus.

*Interesting fact: Did you know that micro-ATM is the fastest growing payment infrastructure in FY22? The micro-ATM deployment has increased by 93% in FY22.

How can you avail micro-ATM services?

If you are a merchant of Mswipe and if you own a Wisepad G2, Wisepos Neo and Wisepad G2 plus you can simply contact the Helpdesk on 1800 102 2699 and ask for an upgrade to ATM Express

Currently ATM Express service is only available on the above mentioned POS devices.

Why are Micro ATMs the need of the hour?

The Confederation of ATM Industry (CATMi) announced that 50 percent of ATMs will be shut down considering the high maintenance and up-gradation cost. Although we hope we don’t have to witness another demonetization or pandemic, these Micro-ATMs prove to be life-saving devices during such unforeseen situations. Besides, there are areas not just in rural locations but in sub-metros and metros that have a scanty number of ATMs. If we have to overcome the challenge of the shortage of regular ATMs, then we have to welcome and embrace Micro ATM machines. Due to the benefits, affordable cost of the machine, lower equipment up-gradation and other related costs, the fintech market has already witnessed mass adoption.

Benefits Positive side effects of Micro ATMs or ATM Express

With ATM Express merhants will be benefited in numerous ways. Once they start offering ATM services at their store new people in the locality will discover the products and services offered by the merchant. Also they will be able to earn comission on per cash withdrawal which will add to their revenue. They also will be able to utilize the cash at their store and save themselves from the hasstles of depositing cash into bank. The settlements for the transactions done via ATM Express will be received directly into the merchant’s account.

Even customers will be able to have access to easy cash withdrawal services in thier locality. This can be very beneficial for locals in areas where there is shortage of ATM infrastructure or in remote locations.

So, the fintech world is geared up to provide an exceptional experience through the micro ATMs, and users will benefit from the hassle-free services. Packed with multiple benefits, these tiny devices are going to be a game-changer. Micro ATMs are set to pave the way to Cashless India!