1. What Is An Aadhar ATM?
Aadhar ATM is a digital payment system allowing monetary transactions using Aadhaar verification via biometrics. It has been developed by NPCI (National Payment Corporation of India), an umbrella body for RBI (Reserve Bank of India). Using the Aadhar Micro ATM, Aadhaar cardholders can complete any transaction efficiently with the help of their Unique Identification Number. Aadhar card ATM has been started to help essential financial services reach all parts of the country.
Scope Of Aadhaar ATM ServiceAadhaar ATM can help with several fundamental financial transactions like inter and intra-bank payments, cash withdrawal and deposit and checking the bank balance. NPCI developed this platform to make these services as user friendly and comfortable as possible, just like an ATM and be as secure as a bank. So, consumers just have to use their Aadhaar number and provide Aadhaar authentication at the Aadhar micro ATM machine. The Aadhar ATM is another massive step in aiding the drive introduced by the government to go cashless. Bank ATMs are very scarce or not available in every small town and village. That's why the small businesses there have to keep a tab from their customers. The Aadhar ATM machine provides the fundamental right of flawless bank transactions to every retail business and every customer. The only requirement is a bank account is linked with the Aadhaar card.
2. What Are The Uses And Benefits Of the Aadhaar ATM?
Uses Of Aadhaar ATMMainly six kinds of primary monetary services are provided using Aadhaar ATM by any retailer, which includes,
- Cash Deposit: If anyone wants to deposit their salary or any other value, they don't have to look for an ATM or a bank. They can complete their transaction via Aadhar mini ATM.
- Cash Withdrawal: Anybody can withdraw cash up to Rs.10,000 from an Aadhaar ATM service.
- Easy Balance Enquiry: Anyone can easily check their bank balance using the Aadhar micro ATM by providing their Aadhaar number and authentication.
- Intrabank and Interbank: Consumers can transfer funds within the same bank or to an account in any other bank using the Aadhaar ATM machine.
- Hassle-free purchasing at fair shops: After purchasing an item, customers find out that they're out of change or don't have enough cash during payment. But using the Aadhar ATM card, the payment for goods can become hassle-free.
- Obtaining mini statements: After a transaction, the consumers can get a mini statement for their transaction, which is necessary for security reasons.
Benefits of Aadhaar ATMA few years ago, it was made mandatory for everyone to link their bank accounts with Aadhaar cards. Doing that empowered the Aadhaar ATM to provide various monetary services with various benefits to both retailers and consumers. A few of these benefits are as follows:
- It is effortless to use an Aadhaar ATM as you just need to provide the aadhaar number and authentication during the transaction.
- Since it is based on biometric authentication, the Aadhaar ATM is entirely secure.
- Aadhaar ATM helps in efficient payments for government schemes like NREGA, Pensions, etc.
- Aadhaar ATM prices can become insignificant when retailers earn benefits and commissions from it.
- Portable and easy to carry.
- Aadhaar micro ATM price is just a fraction of regular Bank ATMs charges.
3. What Are The Benefits Of Using Payworld India’s Aadhaar ATM?
Payworld provides its retail partners with efficient banking solutions to carry out their transactions cashlessly. Using an Aadhaar micro ATM, retailers can conduct business safely and securely via Aadhaar authentication. Payworld provides you with all these services at a modest Aadhaar micro ATM price. Aadhar ATM aims to provide comfortable doorstep service to all parties. With Payworld, you can choose between different biometric devices.
Benefits to retail partners offered by Payworld:
- Swift Activation: After receiving the Micro ATM devices from Payworld, the service is activated, and you can start a business within two days. You will be ready for transactions and profits.
- Margins credited instantly: On every transaction, depending on the amount, you will receive decent margins, which are instantly credited to your bank accounts.
- Easy Payouts on bank holidays: You can receive your payouts even on various bank holidays. Within 24 hours of booking for the payout, it will be credited to your bank account.
- Withdrawal Limit: The withdrawal limit for consumers is from Rs. 100 to Rs. 10000. But it also depends on the consumer's card or bank's limit.
- If you are a distributor or a large retailer, you can avail handsome margins on purchasing the device.
- The Aadhar micro ATM price is insignificant when you look at the profit margins. We offer affordable prices to retailers.
- You can use our Micro ATM services through the Payworld Website and our mobile Aadhar ATM app.
- Our customer care support and MIRA support teams are excellent at providing prompt solutions to any issue, no matter how big it is. Help is just one tap away.
- We provide you with instant grievance support.
4. How To Activate Payworld’s Aadhar Pay Services?
Retailers can now activate the Aadhar Pay services through Payworld for just Rs 1.18 and enjoy good commissions and benefits. Aadhaar Pay is a payment interface for Payworld retailers to accept payment from customers digitally. The service allows Payworld Retailers to receive digital payments using only the Aadhaar number and fingerprint of the customer. The Payworld interface connects the Aadhaar number to customers with a merchant gateway and helps customers to pay for services rendered by retailers.
Service Charges Offered by Payworld for Aadhaar Pay TransactionsRetailers have to pay a certain amount of fees called 'Merchant discount rate' (MDR) to the bank for processing online, debit and credit card payments. The rate can be anything between 1% to 3%. Thanks to Payworld, retailers can now get some relief on the MDR. Payworld now offers the lowest MDR charge for its retailers through Aadhar pay services. It charges only 0.25% of the transaction amount, for example, Rs 2.5 on Rs. 1000.
MDR Slab:There is also an MDR tax slab in order to maintain a uniform processing fee. For any transaction between Rs 201 to Rs 10,000, the MDR of 0.25% plus GST will be charged.
Retailer Benefits Of Using Aadhar Pay Include:
- Successful high transaction rates
- 'Amount stuck' cases by customers are very rare
- Gramin banking facility available
- Customers can make quick and hassle-free payments