No longer do individuals residing in semi-rural and rural regions have to endure a scarcity of banking infrastructure. Thanks to the FinTech sector, people's lives have been made more convenient with a variety of services, particularly cash withdrawal services, which are at the forefront.
In unbanked regions of India, basic banking services are now more easily accessible, all thanks to the availability of cash withdrawal services, even in the absence of banks or ATMs.
MiniATM- A Cash withdrawal facility for unbanked people
The FinTech industry has brought about revolutionary services that have made banking services more accessible to people in remote areas and MiniATM is one of them. This innovative device is small enough to be held in the palm of a hand and enables users to withdraw cash from their bank accounts using a debit card. MiniATM, also known as micro-ATM, has been specifically designed to cater to the needs of people residing in rural areas or areas where access to banks or ATMs is limited or non-existent.
In many parts of India, financial inclusion remains a major challenge, and people often have to travel long distances to access banking services. However, with the MiniATM device cash withdrawal has become convenient for the rural population. These devices are user-friendly and can be easily operated by people who are not tech-savvy.
How does MiniATM cash withdrawal work?
Local shop owners of unbanked areas who own a MiniATM business operate MiniATM device and provide cash withdrawal service following the below-mentioned steps:
- Insert the Debit Card: The first step is to insert the debit card into the card reader of the miniATM. The card reader reads the magnetic stripe or chip on the card and retrieves the necessary information.
- User Authentication: The miniATM authenticates the user by checking the information on the debit card. This includes verifying the user's identity and checking whether the card is valid and has not been reported lost or stolen.
- Enter the PIN: After the user has been authenticated, the miniATM prompts the user to enter their PIN number. The user enters the PIN using the numeric keypad. The miniATM verifies the PIN number and grants access to the user if it is correct.
- Choose the Transaction: Once the user has been authenticated and has entered their PIN, the miniATM presents a menu of transaction options. The user can choose the desired transaction, such as cash withdrawal, balance inquiry, or mini statement.
- Cash Withdrawal: If the user selects cash withdrawal, the miniATM communicates with the user's bank to check the account balance and the availability of funds. If the user has sufficient funds, the miniATM prompts the request for cash withdrawal and the customer can collect the cash from the miniATM service provider.
- Balance Inquiry or Mini Statement: If the user selects balance inquiry or mini statement, the miniATM retrieves the necessary information from the user's bank and displays it on the screen.
Which MiniATM is the best to offer a cash withdrawal service?
Before purchasing a miniATM device, it is important to consider certain factors that can benefit you in the long term. Here are some of the factors that should be considered when searching for the best miniATM:
- Brand reputation: Choose a well-known brand with a good reputation for offering quality miniATM devices.
- Features: Look for features that are important to you, such as a user-friendly interface, convenience, and durability.
- Security: Check for security features such as PIN protection, card readers, and secure encryption.
- Price: Compare different micro ATM price and choose one that provides good value for money.
BANKIT is a leading provider of top-notch micro ATM cash withdrawal business and miniATM cash withdrawal services. With BANKIT, you can benefit from BANKIT’s M-AF60S MiniATM Device to grow your business and earn a handsome monthly income.
Starting a miniATM business with BANKIT can be a profitable and rewarding venture. As a leading fintech company, BANKIT offers a user-friendly platform, comprehensive training, and marketing support to help you establish and grow your business. With the increasing demand for cash withdrawal services, now is the perfect time to enter this space. So, if you're looking for a business opportunity that's both financially rewarding and socially impactful, sign up with BANKIT today and join the growing tribe of successful miniATM entrepreneurs.