Aceware launches micro ATM service in association with ICICI Bank

By: |
December 15, 2020 12:30 AM

The company will bring a micro ATM to the customer’s house and he/she can collect the money by swiping the ATM card, Nimisha J Vadakkan, managing director at Aceware, said.

We raise our FY21E estimate by 20% due to lower credit cost while largely maintaining our FY22E/FY23E estimates. Maintain ‘buy’.We raise our FY21E estimate by 20% due to lower credit cost while largely maintaining our FY22E/FY23E estimates. Maintain ‘buy’.

Aceware, a fintech company based in Infopark, has launched a micro ATM service in association with ICICI Bank.

The company will bring a micro ATM to the customer’s house and he/she can collect the money by swiping the ATM card, Nimisha J Vadakkan, managing director at Aceware, said.

Initially, the service will be available in Kochi city and the company has already recruited delivery executives for rolling out the service. The company is planning to expand the same to all the municipalities in Kerala by January, she said.

“The customers can place the order for money on the Ace Money app, which can be downloaded from Google Play Store and App Store. The money will be delivered at the doorstep within 30-40 minutes after the order is placed,” she said.

According to the company, customers of all the banks can avail themselves of the service. The company will charge a fee from the customer based on the distance for service delivery.

The maximum withdrawal limit is Rs 10,000, which is the limit for other bank ATM withdrawals per transaction. However, the per day withdrawal limit varies depending on the bank, said company officials.

Apart from the doorstep delivery of money, more than 100 other services, including money transfer, bill payments and recharges, land and building tax payment, bus, flight and movie ticket booking, birth, death and marriage certificates, passport, PAN card, Fastag and insurance services are available on the app, sources said.

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