wordpress blog stats
Connect with us

Hi, what are you looking for?

YES Bank and PNB ties up with Ola to deploy mobile ATMs in 10 cities

 dsc_1376_press-release-ola

Update: Ola, has also partnered with Punjab National Bank (PNB) to deploy mobile ATMs in Delhi NCR locations. PNB’s PoS machines equipped in Ola cabs are stationed in areas like Gurgaon, Laxminagar, Janakpuri, Civil Lines, AIIMS, NSP, Manesar, Nehru Place, Bhikaji Cama Place, Mayur Vihar, Faridabad, Tilak Nagar, Rajouri Garden and Greater Kailash. Ola volunteers and PNB executives will be present on spot to assist people with withdrawals

YES Bank has tied up with Ola Cabs to deploy Mobile ATMs in 10 cities including Mumbai, Delhi, Bangalore, Chennai, Pune, Kolkata, Chandigarh, Ahmedabad, Hyderabad and Jaipur. The company said in a statement that the cabs will be deployed across 30 YES Bank locations in these 10 cities. It is also not clear if a user can order these cabs and travel in them, or if the cabs are meant just for banking purpose. MediaNama has written to the companies for clarification.

Users can swipe their cards Point of Sale (PoS) counters fitted in Ola cabs stationed near YES Bank branches across various locations in these cities. The machine connect to a bank’s secured server to debit the amount from the user. Bank officials or the driver will be present on the spot to disperse the debited amount to the user. Note that withdrawals are however limited to Rs 2000 per card.

Rise of mobile ATMs post demonetization

Currently there are several initiatives led by banks, payment companies, etc. to modify PoS machines as an ATM to withdraw and even deposit money. Yesterday, payment solution provider Oxigen was commissioned by the government to install 5000 micro across fuel stations on highways nearby rural areas. Oxigen claims that these ATMs can be used for both withdrawing and depositing cash. It aims to install 3,000 additional micro ATMs by the end of December 2016.  Punjab National bank was also reportedly modifying its PoS devices to function as ATMs. Other banks like SBI, AXIS Bank has also been providing the service for a while in metro cities as well as in airports.

Common server for micro ATMs

According to an ET report last month, the National Payments Corporation of India (NPCI) were in discussions with the Unique Identification Authority of India (UIDAI) to build a new common back-end server for hosting transaction taking place via micro ATMs. Withdrawals and deposits would however be based on Aadhaar biometric authentication. This was aimed at reducing failed card transactions due to the multitude of requests jamming the current servers that hosts debit/credit card transactions.

YES Bank’s SIM card for m-banking

In an effort to bring mobile banking capability to feature phones, YES Bank launched SIMsePay last week which uses a SIM jacket to enable mobile banking on any phone. A SIM jacket comes with a smart sticker which can be pasted on an existing SIM card to install a mobile banking app as a SIM toolkit.

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

You May Also Like

News

The first few days of this year were rife with speculation that Alibaba founder Jack Ma had disappeared. But the fintech tycoon remains elusive,...

News

In a first for India’s fintech industry, U GRO Capital has filed a patent application with the Indian Patent Office for its score-card based...

News

Cab aggregators such as Ola and Uber will now be able to pocket only 20% of fares as commission. Drivers will receive the lion’s...

News

The Indian government has amended the internet shutdown rules, formally known as the Temporary Suspension of Telecom Services Rules, to restrict the validity of...

MediaNama is the premier source of information and analysis on Technology Policy in India. More about MediaNama, and contact information, here.

© 2008-2018 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ

Subscribe to Daily Newsletter

    © 2008-2018 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ