Withdrawal of money from shops instead of ATMs in villages is double, this is micro-ATM system!
Withdrawal of cash through the Aadhar-enabled Payment Systems (AePS) has almost doubled since last year due to the Corona epidemic. The facility to withdraw money from your nearby bank agent and merchant shop has also doubled the number of micro ATM points. Experts say that ATM withdrawals are expensive, while the micro ATM point system is quite economical. He believes that in the next few years, the AEPS system will replace ATMs in rural areas.
How much cash did people withdraw?
In November, about Rs 18,820 crore was withdrawn through AEPS through a total of 6.84 crore cash withdrawal. This figure was 3.9 crore in the same period last year, in which Rs 9,778 crore was drawn. At the same time, there was a sharp decline in the number of ATM transactions during this period. There were 34 crore ATM transactions in November, out of which 1.43 lakh crore were withdrawn. The figure was 64 crores last year, of which 3.04 lakh crores were extracted.
No need to go to the bank now
Rishi Gupta, MD of Fino Payments Bank, says that the people of the village prefer to use their nearby payment or transaction service and seeing this, the network of AEPS was expanded in this era of Corona epidemic. Now its use has also increased considerably. People can use this service from any merchant outlet at any time throughout the day, they do not need to visit the bank branch or ATM at a particular time.
Micro-ATMs are very economical compared to ATMs
As ATMs have to spend more, banks and payment companies are rapidly expanding micro ATMs starting at lower costs, which are also attracting customers. Yogendra Kashyap, MD, RapiPay, says that in a cash-rich economy like India, its need has increased significantly. Let us know that RapiPay has added about 60 thousand new micro ATMs to its network since April and is adding about 25 thousand merchants every month.
