Mswipe today unveiled its ATM Express service, a micro ATM that allows merchants to offer their point-of-sale (POS) terminals to the customers for performing cash withdrawal, check bank balance among other features. The ATM Express will be helping merchants in bringing additional customers and add revenue stream via commission.
Mswipe will be utilising ATM Express for increasing reach of banking facilities to its SME network, especially in Tier 2, 3 and 4 cities with limited ATM facilities and bank branches.
As per Reserve Bank of India’s data, there around 84 crore debit card holders and about 2.10 lakh onsite and offsite ATMs in India, till June 2020. On an average, there is one ATM per 4,000+ debit card holders, and lesser in Tier 3 and 4 cities.
According to the company’s official statement, Mswipe’s ATM Express is an affordable way for banks to help their customers, as it omits the cost of setting up ATM kiosks and overheads such as rent, maintenance, CMS and security. With the help of this service, customers can withdraw a maximum of Rs 10,000 twice a day from the ATM Express at no additional cost.
Manish Patel, Founder and CEO, Mswipe said, “Mswipe has been in the forefront of helping SMEs grow their businesses through our innovative and user-friendly digital payments solutions. Our ATM Express service is a natural extension of Value Added Services (VAS) possibilities via Mswipe’s smart POS terminals. It will enable both merchants and retailers bring conveniences to customers, serve as an additional source of revenue for the SMEs, increase footfalls in their stores, and prevent long queues at regular bank ATMs.”
This service will help merchants in earning commission by providing ATM Express facilities, Furthermore, the customers will only be paying the charge of availing ATM services as per the charges of the issuer bank.