A task force led by the Unique Identification Authority of India (UIDAI) has recommended a payment platform using “micro-automated teller machines” (micro-ATMs) to boost financial inclusion. An individual would access services on a micro-ATM using a fingerprint scanner and a unique identification number called an Aadhaar number, one of which is being assigned to every Indian citizen by UIDAI [1] [2] [3].
Micro-ATMs, which are also known as point-of-transaction (PoT) terminals, are priced at around INR 10,000 (USD 200) and can allow deposits, withdrawals, balance enquiries and fund transfers including government entitlements. The task force estimates that there will be demand for 1 million micro-ATMs [1] [3].
By Natalie Baer, Research Associate
Sources and Additional Resources:
[1] UID boost for micro-ATM makers http://www.business-http://www.business-standard.com/india/news/uid-boost-for-micro-atm-makers/466729/
[2] Report of the Task Force on an Aadhaar-Enabled Unified Payment Infrastructure: http://uidai.gov.in/images/FrontPageUpdates/discussionpaperonaadhaarbasedfinancialinclusion15oct.pdf
[3] Micro-ATM Standards http://uidai.gov.in/images/FrontPageUpdates/microatmstandardsv1.3.pdf
MicroCapital story, July 14, 2010, “MICROCAPITAL BRIEF: Microfinance Institutions Network May Link Up with Unique Identification Authority of India” https://www.microcapital.org/microcapital-brief-microfinance-institutions-network-may-link-up-with-unique-identification-authority-of-india/
MicroCapital story, November 7, 2011, “MICROCAPITAL BRIEF: NCR Corporation Designs “Pillar” Automated Teller Machine (ATM) for Illiterate Users” https://www.microcapital.org/microcapital-brief-ncr-corporation-designs-%E2%80%9Cpillar%E2%80%9D-automated-teller-machine-atm-for-illiterate-users/
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