Airtel Payments Bank has launched Micro ATMs to help debit card customers outside of metro and Tier 1 cities withdraw cash. The banks will leverage their network of over 500,000 banking points in India to facilitate cash withdrawals.
Airtel Payments Bank has linked with NPCI’s National Financial Switch to support micro ATM transactions (NFS). All the bank’s customers can use the Micro ATM at Airtel Payments Bank’s branch. Users can now make rapid cash withdrawals and view their account balance with any bank’s debit card.
Micro ATMs allow up to INR 10,000 for each transaction. A phased deployment of micro automated teller machines is planned, the firm said. In the beginning, the bank will concentrate on placing 150,000 units in Tier II cities and semi-urban regions. These areas often have a high demand for services that allow cash withdrawals, but they have a limited number of ATMs to choose from.
Steps to withdraw cash in Airtel Micro ATMs
- The transaction will be started by the banking correspondents (BCs), who will enter the withdrawal amount.
- Following that, the user will put their debit card into the machine and input their PIN to authorize the transaction.
- By inputting their MPIN, the BC will authorize the transaction and finalize it. The cash will be handed over to the consumer by the BC if the transaction is successful.
Commenting on the launch, Ganesh Ananthanarayanan, Chief Operating Officer, Airtel Payments Bank, said,
We are committed to building a financially inclusive India by making banking services accessible to all. The launch of Micro ATMs is one more step by us to empower customers residing in the rural pockets of the country. It is the first device launched by the Bank, and we are truly excited, as it allows us to service customers of any bank who use a debit card. Micro ATM is an important addition to our existing bouquet of differentiated services.
Speaking on the launch, Praveena Rai, COO, NPCI, said,
The launch of Micro ATMs by Airtel Payments Bank through integration with our NFS will enable easy Micro ATM access for debit card users residing beyond larger metros and cities. This is an important development as it will further the country’s greater goal of financial inclusion. The strong standards for application and network-uptime held by NFS have enabled our member banks to provide better consumer experiences.