Financial distribution network has begun deploying Aadhaar enabled ATMs on its retail network of eGram Kendra. This move follows the company’s announcement from June when it said that it would set up 100,000 micro ATMs across India. These Micro ATM will enable banking services for customers at any ‘eGram Kendra’ or Mahagram Outlets, the company said in a statement.
What sets these machines apart is that they are built on Android powered point-of-sale (PoS) terminals. These machines will provide customers multiple services like cash withdrawal & deposit, balance enquiry, mini statement, loan repayment, loan disbursement, domestic remittance services, customer enrolment, eGovernance, account opening, PAN card and eKYC of customers, the company said.
These transactions will be powered by the Aadhaar Enabled Payment System (AEPS) architecture. The AEPS is a financial inclusion product developed by the NPCI that allows cash withdrawal, deposit and funds transfer at POS (Micro ATM) through a business correspondent of any bank or financial institution using the Aadhaar authentication. It was designed particularly for consumers in remote areas.
The Android POS will also allow merchants to generate bills, invoices, and track sales along with transactions on a daily/weekly/monthly manner. Business owners can also consolidate their customer database, inventory, issue printed receipts and track the device through the GPS functionality, the release added.
“(This) POS is the result of integrating leading edge hardware functionality with Android Operating System which helps the merchants and business owners to use the device like a smartphone loaded with app,” the company told MediaNama.
Mahagram shared a video demonstrating the new product –
According to the company, unlike ‘the other’ PoS machines which are limited to only accept payments via cards, with this device, merchants can accept payments from credit cards, debit cards, wallets, online payments, UPI, Bharat QR and offer EMI options. “The payments can be accepted inside the store, at customer’s home and online making it a complete omni-channel payment solution,” it added.
Mahagram claims to have a presence in over 75,000 villages across the country with over 15,000 retail touch points and a customer base of over 10 million people. Earlier this year, it tied-up with TJSB Sahakari Bank to launch 15,000 bill payment touch points across India. The company had earlier revealed that it has set a target of generating about 500 million transactions by FY 2020.