10 years ago if I told you that soon there would be an app on which you can enter any location you wanted to go, and a cab would come to pick you up navigating through an electronic map automatically in a couple of minutes, you’d ask if I have totally lost it. But Uber is real now and used by millions of people every day. Today, it is almost impossible to imagine commute without these apps. The point here is technology has simplified every tedious task over time making things portable. Speaking of portability, there was a time when people had to visit a bank for simple transactions like balance enquiry or cash withdrawal. To make things easier ATMs came to rescue and the thing became easy but this ever-growing physical world demands more accessibility and speed, calling in for the next generation of ATMs – ‘Micro ATM or mATM’
In November 2018, iServeU became the first company in India to launch a Micro ATM. A Micro ATM or mATM is an alternate way of Aadhaar Enabled Payment System (AEPS) to withdraw cash and enquiry bank balance using a Debit card. The mATM service is a simple and reliable way of performing bank transactions without any extra charges or limitations. iServeU’s Micro ATM processes transactions through an android app using a card reader ATM device. This product operates under the National Financial Switch (NFS) and guidelines of NPCI which ensures the safety and security of your transactions. The Micro ATM uses Bluetooth connectivity to pair with an Android smartphone or tablet and the customer’s Debit card and ATM PIN are the only requirements to initiate withdrawal or balance enquiry transaction.
Micro ATM is an on-the-go transactional service which is way more different from a traditional mPOS device or Cash@POS Service. With mPOS devices, you can perform transactions on Sale and Cash@POS mode. In POS service, above Rs. 2000/- amount there are some certain MDR charges for both Debit and Credit card. For credit card, MDR charges are even higher. In Sale transactions below Rs. 2000/- MDR charges are also there in POS services. The best thing about mATM service is that there are no Sale or Cash@POS mode. There are no MDR charges for any transactions. You can withdraw as per your card issuer banks’ limitations. iServeU aims to provide a significant number of Micro ATM services, mostly in rural areas to simplify conventional banking. Click here to learn more.