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BANKIT plans to install 1.5 Micro ATMs along AePS facility at BANKIT outlets

ANI 

IndiaBANKIT targets to install 1.5 lakh Micro ATMs and AePS service points at BANKIT outlets by December 2020 to address the issue of money dispensing machines running dry. It is expected that 50 percent ATMs will be discontinued in the coming years due to high maintenance costs, which Banks are not able to bear anymore.

BANKIT is offering digital financial and non-financial services to masses via assisted B2B2C agent outlets. The vision of the company is to make "Millionaire Agents Network" (MAN) i.e. to maximize the number of agents who are able to make Rs. 10L as revenue in a year by delivering various BANKIT services. Hence, BANKIT is creating Entrepreneurs and target to expand its Outlets and Branded Stores across India to provide the easiest, fastest and safest Digital payment platform and all the Digital services under one roof to the last mile of society.

In order to serve the under digital and underbanked population in India, the company has prepared an assisted agent led model which works to offer digital and financial services to the last mile present as their very own corner shop in the vicinity. Banking and financial services along many value-added services are available for end customers through BANKIT channel partners in their neighborhood. Services like Domestic Money transfer, Cash Withdrawal, Prepaid Cards, Recharges, Bill Payments, Travel Bookings, etc. are made available 24X7 through brand's proprietary web and mobile applications. These applications are made user-friendly as per the needs of the target users and are hi-tech to make the transactions secure and instant.

BANKIT has planned to install 1.5 lakh Micro ATM's and AePS service points at BANKIT outlets by December 2020 to address the issue of money dispensing machines running dry. Micro ATMs are a very low-cost POS enabled machine, that processes card transactions seamlessly. Its affordable and low maintenance, micro ATMs can effectively drive financial inclusion while curbing down the infrastructure cost incurred, especially in rural and semi-urban areas, where a full-fledged ATMs become unavailable. BANKIT cash withdrawal service through Debit card and Aadhaar is cost-effective and a smart cash management toll for small retail stores and traders who deal in large chunks of cash on a daily basis.

Speaking on the initiative, Amit Nigam, Executive Director and COO, BANKIT, said, "A large population in India is still not a part of the digital economy and banking system. Digital literacy is far from 100% in India and a major chunk of the population is still not self-serviced for basic banking and financial needs. Lack of ATMs and bank branch in rural and semi-urban areas adds to the concern which hampers financial inclusion. We are trying to bridge this digital divide across urban and rural areas by offering digital financial and non-financial services to masses via assisted B2B2C agent outlets and installing Micro ATM's and AePS along providing DMT and other value-added services."

BANKIT is a fintech company having expertise in all payment-related products and one of the brand's differentiators is a strong technology core that not only promises a high success ratio but also provides ease in doing the transaction. BANKIT technology stack is built on the digital railroads of NPCI and service providers like banks, telecom aggregators, travel aggregators, etc. which when combined with the proprietary applications helps in providing a digital transaction engine which is highly scalable and flexible. The brand dedicatedly listens to its customers and customize offerings as per their needs.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, November 18 2019. 18:19 IST
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