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All You Need To Know About Aadhaar Micro ATMs

What is an Aadhaar based ATM? 

Aadhaar based ATM is a service which lets you withdraw cash from ATM using your Aadhaar Card number and Aadhaar fingerprint (biometric) instead of your ATM Card or PIN.

Aadhaar micro ATMs is a new way which offers a complete payment solution where a person’s Aadhaar number is good enough to make a transaction. According to UIDAI, more than 4 lakh Aadhaar micro ATMs are deployed as of now for doorstep banking services.

More than 58 crore individuals can now use Aadhaar micro ATMs (Automatic trailer machines) for banking transactions without ATM card or PIN. Aadhaar micro ATMs payment is a new method that provides complete payment solution where individual's Aadhaar number is enough to make transactions. Aadhaar is a 12-digit unique identity number issued by UIDAI.

Micro-ATMs will enable the following interoperable transactions:

– Cash withdrawal
– Cash deposit
– Balance inquiry
– Remittance

Here is what you need to know about Aadhaar micro ATMs:-

1- Aadhaar micro ATMs are like modified POS (Point of sales) gadget.

2- Aadhaar micro ATMs permit customers to perform basic financial transactions using their 12-digit unique identification number and fingerprint as identify proof 

(along with a Bank Identification Number for inter-bank transactions).

3- According to UIDAI, the payments done by Aadhaar micro ATMs are authorized by banks.

4- The authentification is done by UIDAI through biometric association with the database.

5- Aadhaar micro ATMs payment solutions are directed at enhancing card less and PIN-less banking.

6- Bank representatives carry the Aadhaa ATMs which means bringing banking services to doorsteps.

7- There are no service charges for the transactions done by Aadhaar micro ATMs.

8- Unlike an ATM, the cash-out/ cash-in functions of the Micro ATMs are performed by an operator.

9- The micro ATMs support financial transactions like cash deposit, cash withdrawal, funds transfer and balance inquiry for a bank account.

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