Aadhaar Micro ATMs: How They Work Explained In 10 Points

Aadhaar Micro ATMs: How They Work Explained In 10 Points

More than 58 crore individuals can now use Aadhaar micro ATMs (Automatic trailer machines) for banking transactions without ATM card or PIN, mentioned UIDAI (Unique Identification Authority of India) in a tweet on its official handle – @UIDAI.  Aadhaar micro ATMs payment is a new method that provides complete payment solution where individual’s Aadhaar number is enough to make transactions. Aadhaar is a 12-digit unique identity number issued by UIDAI. According to UIDAI, more than 4 lakh Aadhaar micro ATMs are deployed as of now for doorstep banking services.

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10 things to know about Aadhaar micro ATMs as mentioned by UIDAI:

1. Aadhaar micro ATMs are like modified POS (Point of sales) device.

2. Aadhaar micro ATMs allow customers to perform basic financial transactions using only their Aadhaar number and their fingerprint as identity proof (along with a Bank Identification Number for inter-bank transactions).

3. According to UIDAI, the payments done by Aadhaar micro ATMs are authorized by banks.

4. However, the authentication is done by UIDAI via biometric association with the database.

5. Aadhaar micro ATMs payment solutions are aimed at enhancing card less and PIN-less banking.

6. Bank representatives carry these machines and hence bring basic banking services at doorsteps.

7. There are no service charges on the transactions done by Aadhaar micro ATMs.

8. Unlike an ATM, the cash-in / cash-out functions of the micro ATMs are performed by an operator, thus bringing down the cost of the device and the cost of servicing the customer.

9. The micro ATMs support financial transactions like cash deposit, cash withdrawal, funds transfer and balance inquiry for bank account.

10. These are suitable for Indian rural areas where reach of ATMs are less.

Source by www.ndtv…

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