Airtel Payments Bank has announced the launch of Micro ATMs, a move toward more accessible cash withdrawals for debit card customers living outside of India’s metro and Tier 1 cities.
Through this effort, the bank would harness its robust network of over 500,000 banking locations throughout India to provide people with quick cash withdrawals. Airtel Payments Bank has officially linked with the National Payments Corporation of India’s (NPCI) National Financial Switch to support Micro ATM transactions (NFS).
Customers with any bank will now be able to use the Micro ATM feature at their local Airtel Payments Bank branch. They may now make rapid cash withdrawals and check their account balances at authorised banking locations by using their debit card from any bank. Micro ATMs allow customers to withdraw up to Rs 10,000 each transaction.
Commenting on the same, Ganesh Ananthanarayanan, Chief Operating Officer, Airtel Payments Bank, said, “We are committed to building a financially inclusive India by making banking services accessible to all. The launch of Micro ATMs is one more step by us to empower customers residing in the rural pockets of the country. It is the first device launched by the bank, and we are truly excited, as it allows us to service customers of any bank who use a debit card. Micro ATM is an important addition to our existing bouquet of differentiated services.”
Praveena Rai, COO, NPCI, said, “The launch of Micro ATMs by Airtel Payments Bank through integration with our NFS will enable easy Micro ATM access for debit card users residing beyond larger metros and cities. This is an important development as it will further the country’s greater goal of financial inclusion. The strong standards for application and network-uptime held by NFS have enabled our member banks to provide better consumer experiences.”
Micro ATMs will be introduced gradually. The bank would first place 150,000 units in Tier II cities and semi-urban areas. These areas have a strong demand for cash withdrawal services but limited availability to ATMs.