Reviewed by: Fibe Research Team
Gone are the days when you had to travel long distances just to withdraw cash. Thanks to Micro ATMs, banking services are now more accessible, especially in rural and remote areas. These small, portable devices allow you to withdraw money, check your balance and even make transactions. You can do all of these without visiting a bank or a traditional ATM.
Interested to know what is Micro ATM and why it’s a great invention? Read on.
A Micro ATM is a compact, portable device that offers basic banking services such as:
These devices run on mobile networks, making them ideal for places with poor connectivity. It also uses biometric authentication like fingerprint scanning, ensuring secure and hassle-free transactions. Micro ATMs are cost-effective and easy to maintain. These devices are really helpful as they enable banks to reach more people, especially in areas with limited banking infrastructure.
Withdrawing money from a Micro ATM is simple. Here’s how it works:
Also Read: 5 Simple Ways to Block & Unblocked ATM Card
Micro ATM benefits go beyond just cash withdrawals. These devices make banking easier in so many ways.
A Micro ATM brings banking services to remote areas where banks and ATMs are insufficient. Now, people no longer have to travel long distances to get cash.
Setting up a traditional ATM is expensive but a Micro ATM requires minimal infrastructure and lower operational costs. This allows banks to expand their services without spending too much.
Micro ATMs are found in local shops, small businesses and even mobile banking vans. This means you can complete a Micro ATM cash withdrawal without visiting a bank or waiting in long queues.
By making banking services available in underserved areas, Micro ATMs help people become part of the formal financial system. This allows them to open savings accounts, make payments and transfer money with ease.
Micro ATMs are changing the way people access banking services. With over 2,00,000 Micro ATMs already in use across India, this number is only set to grow as banks expand their reach.
Currently, there are over 2,00,000 Micro ATMs operating across urban and rural India.
Yes, a Micro ATM works similar to a regular ATM. You can do a Micro ATM cash withdrawal by authenticating your identity through a fingerprint scan and the transaction completes in seconds.