When the news of demonetization hit the country, it caused chaos. People flooded to banks, desperate to exchange their old currency notes or withdraw cash. But with long queues stretching for hours at traditional ATMs, and in some places no ATMs at all, many were left stranded without access to their own money.
Amidst this crisis, a hero emerged: the micro ATM machine. With over 70,000 cash withdrawals in some areas during those times, the micro ATM played a crucial role in easing the burden on banks and ensuring that cash continued to flow throughout the country.
What exactly is a micro ATM Machine?
Micro ATMs are small machines that look a lot like the card-swiping machines you see at stores. But instead of just buying stuff with your card, you can also use them to get cash. Pretty neat, right?
Here’s how it works: There are these people called micro ATM agents who operate these machines. When you need cash, you just swipe your debit card at the micro ATM, and voila! You can take out some money. But here’s the catch: you might have to pay a small fee or commission for using the micro ATM.
At first, these micro ATMs were mostly found in rural areas where there weren’t a lot of regular ATMs. But when demonetization happened and everyone needed cash, the government decided to put more micro ATMs all over the country. That way, no matter where you were, you could still get your hands on some cash when you needed it most.
What services do micro ATMs offer?
Micro ATMs offer a range of services, including:
- Cash withdrawal
- Cash Deposit
- Mini statement check
- Bank balance inquiry
What are the benefits of micro ATM Machines?
For customers:
- Convenience during demonetization: Micro ATMs saved customers from enduring long queues at traditional ATMs during the demonetization period.
- Accessibility: Customers no longer have to trek long distances to reach ATMs; micro ATMs can be found in their local shops.
- Easy access to basic banking facilities: Micro ATMs have made essential banking services readily available to everyone, even in remote areas.
For micro ATM service providers:
- Lucrative earnings: Micro ATM service providers, or micro ATM agents, can earn up to 20,000 rupees per month.
- Low startup costs: Starting a micro ATM business requires minimal investment, making it accessible to individuals from various backgrounds.
- Enhanced visibility: Offering micro ATM services can boost a retailer’s popularity through positive word-of-mouth, leading to increased foot traffic and potential for upselling other products.
Also read – Difference Between ATM and Micro ATM
Conclusion
In essence, micro ATMs were like a saving grace when demonetization hit. They came in handy for so many people who needed cash but couldn’t wait in those never-ending lines at regular ATMs. These tiny machines ensured that even in remote areas where there were no banks nearby, folks could still get their hands on some cash. And it wasn’t just about withdrawing money; micro ATMs also let people check their account balance and get mini statements, making basic banking services more accessible to everyone, especially during tough times like demonetization.
But the story doesn’t end there. Even after the chaos of demonetization faded away, micro ATMs remained incredibly important. They’re still all over the place, making banking easier for folks who live far from big cities or banks. Just imagine being able to walk down to your local store and take care of your banking needs right there! That’s the kind of convenience micro ATMs bring to the table, and it’s making a big difference in people’s lives.
And it’s not just customers who benefit from micro ATMs. Those who run these machines, like local shop owners or entrepreneurs, can make a pretty penny each month. By offering banking services alongside their regular products, they’re not only boosting their own income but also helping to build a stronger economy in their communities. After all, when more people have access to banking services, they’re more likely to save, invest, and spend money locally, which benefits everyone in the long run.
So, when you think about it, micro ATMs aren’t just machines. They’re like little superheroes, quietly working behind the scenes to make sure everyone has access to basic banking services, no matter where they live. And in a country as vast and diverse as India, that’s no small feat.
When the news of demonetization hit the country, it caused chaos. People flooded to banks, desperate to exchange their old currency notes or withdraw cash. But with long queues stretching for hours at traditional ATMs, and in some places no ATMs at all, many were left stranded without access to their own money.
Amidst this crisis, a hero emerged: the micro ATM machine. With over 70,000 cash withdrawals in some areas during those times, the micro ATM played a crucial role in easing the burden on banks and ensuring that cash continued to flow throughout the country.
