RBP (Rural Banking Programme) Finivis Pvt. Ltd. a FinTech firm based and operates on financial inclusion recently launched self-service Mego ATM. It is equipped with micro ATM device which allows cash withdrawals and deposits. The Mego ATM also enabled with AEPS bio metric 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 which are far and mostly out of order.
Mego ATM contains a cash box with capacity of 1000 notes with Single denomination 1 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.
Mego ATM is almost half the cost with zero maintenance cost as compared to banks. 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.
Sam Gupta, Director & CEO of RBP Finivis, added, ” We have invested around 2 Crores in the development of the technology while having in house R&D team and Tech team working around 1.5 yrs 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.
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.