How this Haryana-based fintech firm is making ATM withdrawals easier for rural India
Working under the principle of financial inclusion, a Haryana based fintech company has launched a self-service ATM to meet the needs of rural India. RBP (Rural Banking Programme) Finvis Pvt. Ltd., which operates in Malaysia, Singapore, Thailand, Hong Kong and Dubai apart from India, recently launched Mego ATMs. Micro ATM device allows cash withdrawal and deposit.
Mego ATM is also enabled with AEPS biometric where people can check their balance and directly transfer money from one source to another. This is an innovation under PMJD scheme and Atma Nirbhar Bharat scheme, an initiative of RBI which has allowed fintech to white label ATMs.
This ATM has been specially designed keeping in mind the rural population. There are very few bank ATMs in rural areas which are far away and mostly in bad shape. People face a lot of challenges in dealing with monetary transactions without any help. Their dependence remains on very limited sources. With this initiative, RBP Finvis is engaging with organizations and individuals who come across the rural population on a day-to-day basis.
It is empowering the kirana shop owners of the village by giving them an opportunity to set up Mego ATMs. It educates shop owners and makes them understand the concept of making information accessible to a large population. It also provided the facility to the people to withdraw cash from the kirana shops in their own village. The service has given the rural population access to financial inclusion offerings in a convenient manner. Also, the cash deposit facility gives them an opportunity to save and avail all banking products in their village itself.
“We have invested around Rs 2 crore in the development of the technology, while the in-house R&D team and tech team worked for about 1.5 years to launch the product for the masses. We are looking forward to launch this product pan India. We are also planning, but primarily, we are focusing on establishing a foothold in the North East, North and Delhi-NCR,” said Sam Gupta, Director and CEO, RBP Finvis.
Gupta further added, “We have very few players in this product and the market size is huge. We do not see any such competition, but we can collaborate our technology with existing companies if need be.”
How Mego ATM Works
MEGO ATM consists of a Cash Box with a capacity of 1000 notes with a Cassette Note Spray Dispenser with a Cassette Note Spray Dispenser having an integral reject area of 20 banknotes with 15.6 inch TFT display with PCT touchscreen which has an optimized software and very easy installation. Unlike bank ATMs with higher cost and maintenance, Mego ATMs are almost half the cost with zero maintenance cost.
It has basic requirement of internet connectivity and electricity and does not require huge space. It sucks for grocery stores, fuel stations, hotels and restaurants and malls that will allow the general public in urban areas to access cash more efficiently.
Mego ATM is self-operated and no security guard is required as the ATM will be filled with cash as per the number of transactions and visitors. This ATM is powered by internet and mobile banking technology using SBM India integrated with ICICI Bank’s API and software.
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