"Micro ATM is a point of sales device which we have developed into a full featured banking access device and payment transaction device. We want to deploy these terminals in rural areas and in urban areas at all kirana and retail stores across India," Pramod Saxena, Founder Chairman & MD, Oxigen Services told PTI in an interaction.
"We already have 2 lakh retail touch points, of these 60,000 stores have these PoS terminals but they are not micro ATMs, so we have started upgrading these terminals into micro ATMs now."
He said Oxigen Services plans to deploy 2,000 micro ATMs by the end of December 2016. After this, approximately 3,000-5,000 micro-ATMs are to be deployed every month, and in due course 1 million micro ATMs across the country in the coming 3 years.
A customer can deposit as well as credit money at these micro ATMs if they have Aadhaar.
"If you have a bank account with an Aadhaar linkage you can deposit these Rs 500 and Rs 1,000 notes. You can give your cash and your amount will be credited in your account," Saxena said.
He hoped that after this current rush is over at banks and ATMs to deposit old high value currency notes as well as to withdraw money and things stabilizes, people will do much digital transactions and make payments directly.
"So over the time, I think the whole payment ecosystem needs to be created for the last mile connectivity. It is not only mobile wallet but you have to have access in the last mile," he added.
Cash has to be moved and used, so Oxigen is partnering with banks so that money moves through banks and transactions become more digital in nature, Saxena said.
The Oxigen micro ATM can be used for cash deposit and withdrawal; eKYC based account opening, money transfer, Jan Dhan account transactions, mobile recharge, TV & Data recharge and wallet cash loading.
It is also used for NPCI - Aadhaar enabled payment system, wallet to bank a/c money transfer, Near Field Communication Tap & Pay and Prepaid Visa load through cash.