Now, cardless, pinless banking possible with Aadhaar Micro ATMs – What is it and how it works?

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New Delhi | Published: May 1, 2018 6:28:02 PM

UIDAI recently took to Twitter and posted that more than 58 crore individuals can do banking transactions without using ATM card or PIN.

Aadhaar is a 12-digit unique identity number issued by UIDAI. (Twitter/UIDAI)

UIDAI recently took to Twitter and posted that over 58 crore individuals can do banking transactions without using ATM card or PIN. It will be possible by using Aadhaar micro ATMs (Automatic trailer machines). “Card-less and Pin-less banking possible with Aadhaar Micro ATMs. – Bank Mitr brings basic banking services at doorstep,” tweeted Unique Identification Authority of India. Aadhaar is a 12-digit unique identity number issued by UIDAI.

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.

Micro-ATMs will enable the following interoperable transactions:

– Cash withdrawal
– Cash deposit
– Balance enquiry
– 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 authorised 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 Aadhaar micro 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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