Micro ATM (mATM) is a portable device that is used by Business Correspondents (BC) to deliver basic banking services. The platform enables Business Correspondents to conduct instant transactions.

mATMs are an easy and convenient way to allow customers to carry out essential financial transactions at the local level. With the help of the AEPS verification, these POS machines empower retailers and kirana store owners to conduct biometric-enabled transactions at their doorstep.

“Micro ATMs would particularly help address the problems that people are facing in rural and semi-urban areas where the ATM network is not as strong” — Shaktikanta Das, Governor, Reserve Bank Of India  

Toucan’s mATMs work on a dual security verification method. The first is by using a unique Aadhar number of the customer and the second is by using a biometric/fingerprint scan or a registered mobile number. These are then fed into the Aadhar-Enabled Payment System (AEPS) for verification. This ensures safety and eliminates the possibility of fraud when cash is transferred between accounts.

Installing a Micro ATM facility can also help increase a business’s income with an additional stream of revenue. For every transaction, a fixed commission is processed into the store owner’s account depending on the distributor and the banks.

The solution enables banking functions through low-cost devices that are connected to banks across the country. This would enable a person to instantly deposit or withdraw funds regardless of the bank associated with a particular BC. The basic transaction types supported are Deposit, Withdrawal, Fund transfer and Balance enquiry.