Mswipe, India’s financial services platforms for SMEs, today launched ATM Express, a micro ATM which allows merchants to offer their point-of-sale (POS) terminals to customers for cash withdrawal, check bank balance among other features. The ATM Express will help merchants bring additional footfalls and add revenue stream through commission.
Mswipe will utilise ATM Express to increase access to banking facilities through its SME network, especially in Tier 2, 3 and 4 cities with limited ATM facilities and bank branches.
According to RBI, till June 2020, there were an estimated 84 crore debit card holders and about 2.10 lakh onsite and offsite ATMs in India. On an average, there is one ATM for 4,000+ debit card holders, and even fewer in Tier 3 and 4 cities.
Mswipe’s ATM Express is a cost-effective way for banks to serve their customers, as it eliminates the cost of setting up ATM kiosks and overheads such as rent, maintenance, CMS and security. Customers can withdraw a maximum of Rs 10,000 twice a day from the ATM Express at no additional cost.
Mswipe Founder and CEO Manish Patel said, “Mswipe has been in the forefront of helping SMEs grow their businesses through our innovative and user-friendly digital payments solutions. Our ATM Express service is a natural extension of Value Added Services (VAS) possibilities via Mswipe’s smart POS terminals. It will enable both merchants and retailers bring conveniences to customers, serve as an additional source of revenue for the SMEs, increase footfalls in their stores, and prevent long queues at regular bank ATMs.”
Merchants will earn commission on providing ATM Express facilities and their customers will be only be charged for availing ATM services as per the charges of the issuer bank.