Soon after the news of demonetization came, all the banks in the entire nation were flooded with people to get their currencies changed or for withdrawing cash since they didn’t have other cash money.
In these crunch times, the ATMs witnessed 2-3 hours of long queues, and in some unbanked areas, where there were no ATMs, people had to manage without it and spent days without hard cash since there was no cash withdrawal point.
In some areas, during these times, with about 70,000 cash withdrawals; micro atm machines came out as a hero; as this helped reduce the load of the banking sector and kept the cash floating in the country.
So what exactly is a micro atm machine?
Micro ATMs are small devices that look like card-swiping machines. Micro ATM agents can swipe their customer’s debit card, to micro atm and help them to withdraw cash in exchange of commission.
This machine was mainly introduced in rural locations but soon after demonetization, the government of India decided to make it available in every part of the country to overcome the cash problem of the country.
What are the services offered by micro atm machines?
The following are the services that are offered by the micro atm:
- Cash withdrawal service
- Mini statement check
- Balance Inquiry
What are the benefits of a micro atm machine?
The following are the benefits derived from the micro atm machine:
- During the time of demonetization, because of Micro ATM Machines, customers did not have to stand in long queues to withdraw cash.
- Customers don’t have to walk for miles to reach the ATMs and can withdraw cash from their nearest shop.
- Micro ATM Machines have made basic banking facilities available to everyone easily.
To Micro ATM agents
- Micro ATM retailers can earn up to 20,000 rupees per month.
- Any individual can start the business of micro atm at a very minimum cost
- Micro ATM service provider becomes popular in their area through word of mouth
- Retailers who offer the facility of micro atm, manage to cross-sell and upsell their other products which lead to an overall increase in profit.
One can buy a Micro ATM machine at a minimal cost from the best Micro ATM service provider. While purchasing the machine, keep the following factors in mind:
- Cost should be less.
- The company should have maximum uptime
- The Micro ATM machine should be operational with all banks.
- Service Support should be good.
Just keep these factors in mind, and installing the Micro ATM machine will result in huge benefits.