RBP (Rural Banking Programme) Finivis Pvt. Ltd., a fintech firm-based and operating on financial inclusion, has launched a self-service Mego ATM--device which allows cash withdrawals and deposits. The Mego ATM also enables with AEPS bio metric where people can check their balance and transfer money directly from one source to another. This is an innovation under the PMJD Yojna and Atma Nirbhar Bharat Yojna, an initiative by the RBI which has allowed white label ATMs to fintechs, it said in a press release.
How it works
Mego ATM contains a cash box with capacity of 1,000 notes with Single denomination 1 cassette notes spray dispenser with integral rejects area of 20 bank notes fitted with 15.6-inch TFT display with PCT touchscreen which has a customized software and very easy installation.
Mego ATM is self-operated and no security guard is required as the ATM is loaded with cash as per transactions and number of visitors. This ATM operates with internet and mobile banking technology using APIs of ICICI bank and SBM India integrated with software.
Low-cost, zero maintenance
Unlike bank ATMs which have a high cost and maintenance, Mego ATM is almost half the cost with zero maintenance cost, the release said. It has a basic requirement of internet connectivity and electricity and does not require big space. This is ideal for grocery shops, fuel stations, hotels and restaurants and malls that will allow general public access to cash more efficiently in urban areas.
Sam Gupta, Director & CEO of RBP Finivis, said, ” We have invested around Rs 2 crores in the development of the technology while having in-house R&D team and tech team working around 1.5 years. We are also planning to launch this product pan-India, but primarily we are focusing in North East, North and Delhi-NCR. There are few players in this product and the market size is huge. We don’t see any competition as such but if needed we can collaborate our technology with existing companies.” Gupta added.
RBP Finivis team is also working to bring out ATMs with features like, MATM Swipe Debit Card up to 10k, DMT (Domestic Money Transfer) AEPS (Aadhaar Enable Payment) and Aadhaar Pay (Direct Payment) along with Sanitary Napkin dispenser and condom dispenser in the rural population.
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