Massive growth has already been made by banks to bring financial inclusion in the country to help human society. But, a large number of rural and urban poor people are still lagging to have access to their basic bank account, which is an important first step towards financial inclusion. However, it is not possible to set up bank branches and large ATMs in remote rural areas. Thus, Micro ATMs are the most suited substitute to overcome the lack of such facilities.
RBP FinivisPvt. Ltd. developed an integrated API and SDK to help people of remote areas to come under the banking framework and make the best use of it. As a Micro ATM API Provider Company in India, we offer the best services with advanced features.
What is Micro ATM?
Micro ATM is a small device that connects to the core banking system via its card swipe features. It is also known as Mini ATM because it replaces the bigger ATMs with the point of sales (POS) terminus. A card reader is united with the device for all banks debit cards along with the features of cash withdrawal, balance inquiry, fund transfer, etc.
Transactions can be Done Using Micro ATM
- Cash withdrawal
- Balance inquiry
- Cash deposit
- Fund transfer
Micro ATM Cash Withdrawal Requirement and Limit
Nowadays technology is growing at a fast pace to provide a comfortable and cozy lifestyle to every individual. But cash is still the king of most of the payments of the Indian economy. In rural and urban areas some people are dependent on cash for purchasing goods and services. If you ask your mom to make a digital payment she would deny and will be comfortable with cash payment only.
However, we realized the need and developed Micro ATM API &SDK to offer a cash withdrawal facility. With this, people do not need to go to bank branches or ATMs to withdraw cash. Go to any retail shop having a micro-ATM POS device and withdraw cash as per your requirement using your debit card.
Reserve Bank of India has not set any limit for the withdrawal of cash. Other banks have set Rs 50,000 per day as the limit of withdrawal for all the micro-ATM users.
What is the work process of Micro ATM?
Primarily, the verification process takes place using the card swipe option. After the verification of the debit card, various options for the transactions will be displayed on the screen of the mobile phone as the Micro ATM device is connected to the mobile application via Bluetooth. You need to choose the type of transaction you want. Your Micro ATM service provider will proceed further with your desired transaction. Then, the receipt will get generated within few seconds.
Create your brand and start Micro ATM Business
RBP Finivis is a leading fin Tech and an API provider company in India. If you want to start your Micro ATM business with your brand name and Logo, then RBP is the best option for you. We offer you well-developed and compatible API and SDK as per your requirement at reasonable and at better market rates. Not only Micro ATM service, but we offer other financial services also such as Aadhaar Enabled Payment System, Bharat Bill Payment System, Fast tag Recharge, and DMT. We have started such services to offer employment to the unemployed, an opportunity to earn additional to already employed people, and the most important motive is to bring the rural population under the framework of banking to bring financial inclusion in the country.
Objectives of Micro ATM
Some of the objectives of Micro ATM standards are as follows:
- To bring financial inclusion in the country
- To offer maximum compatibility with the existing banking system
- To ensure secure and transparent transactions
- To bring down the cost of integrating Micro ATMs into banks networks
- To ensure a more uniform customer experience
- To offer 24*7 banking services to the customers
Conclusion
Hence, it is expected that these Micro ATM standards will help to accelerate the growth of financial inclusion in India and help to achieve the nation’s goal of inclusive growth.
As an API provider in India always try to deliver the most innovative and compatible products and services to our customers. We are here with the Rural Banking Programme to offer help support to people and to reduce poverty in the country
