Micro ATM - A Major Game Changer

ATMs around the country, not only in the rural interiors but also suburban townships of large metros, have faced severe cash crunch problem for more than ten days in the month of April, particularly larger denomination notes.

“There have been issues with the raw materials like ink and paper for some time now which has restricted currency supplies to banks” said a person familiar with currency supply dynamics in the country. 

Can the new age Fin-tech companies address this problem???
Yes, the new age fin-tech companies can address this problem. One such solution to the “cash crunch” problem is MICRO ATM.
  

Micro ATMs are card swipe machines through which banks can remotely connect to their core banking system. In other words, micro ATMs are handheld point of sale terminals used to disburse cash in remote locations where bank branches cannot reach. Micro ATM came into existence in India during demonetization and when the Indian government felt the need to promote Financial Inclusion.

Now the question arises that where are micro ATMs installed or found. Micro ATM can be installed anyplace where adequate cash is available, generally micro ATM are kept by the merchants that are into remittance business but it can also be installed at areas where cash demand is more than supply.

One such institution that is targeting various places like colleges, societies, hostels, offices, grocery store etc. is FINO Payments bank. Launched in 2006 as Fino Paytech, Fino payments bank came into existence about a decade later, when it was provided the licence of payments bank by RBI. Fino Payments bank has installed more than 7800 Micro ATMs across various locations in India.

Other companies that are into installing Micro ATM are Oxigen wallet, IDFC Bank etc.