Working under the theory of financial inclusion, a Haryana-based fintech company has launched a self-service ATM to cater to the needs of rural India. RBP (Rural Banking Programme) Finivis Pvt. Ltd, which also operates Malaysia, Singapore, Thailand, Hongkong and Dubai apart from India, recently launched Mego ATM. The micro ATM device allows cash withdrawals and deposits.
The Mego ATM is also enabled with AEPS biometric 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.
This ATM is specially designed keeping in mind the rural population. In rural areas there are very few bank ATMs that are far and mostly out of order. People face a lot of challenges while dealing with monetary transactions without any assistance. Their dependency remains with very limited sources. With this initiative, RBP Finivis are engaging with entities and individuals who come across rural populations on a day-to-day basis.
It is empowering the village kirana shop owners by giving them an opportunity to set up the Mego ATMs. It educates shop owners and makes them understand the concept to pass the information to a larger population. It also enabled the facility for the people to withdraw cash from the kirana shops in their own village. The service has given access to financial inclusion offerings to the rural population in a convenient manner. Simultaneously, cash deposit facility gives them the opportunity of savings and avail all banking products right in their village.
"We have invested around Rs 2 crore in the development of the technology while having in house R&D team and tech team working around 1.5 years to launch the product for the public. We are also planning to launch this product PAN india but, primarily we are focusing in North East, North and Delhi-NCR to set foot," Sam Gupta, director & CEO of RBP Finivis, said.
"We have quite less 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 further added.
How Mego ATM works
Mego ATM contains a cash box with capacity of 1000 notes with single denomination one 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. Unlike the Bank ATMs which have a high cost and maintenance, Mego ATM is almost half the cost with zero maintenance cost.
It has a basic requirement of internet connectivity and electricity and does not require big space. This is idle for grocery shops, fuel stations, hotels and restaurants and malls that will allow general public access to cash more efficiently in Urban areas.
Mego ATM is self-operated and no security guard is required as the ATM will be 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.