Introduction
Ever imagined walking miles from your home to withdraw cash from the nearest ATM? Metros have never faced this concern because, as per the World Bank, metros in India have 52 ATMs per one lakh population, and rural areas have just nine ATMs per one lakh population. Over 65% of the Indian population resides in rural India, yet they account for only 20% of all ATMs in the country.

Rural communities having difficulty accessing ATMs pose a challenge in providing basic banking amenities to this population segment. But not anymore because Micro ATM offers cash withdrawal facilities to customers without requiring them to visit a bank or an ATM.
India is pacing towards achieving its vision of being a digital economy by ensuring all citizens have access to calls beyond banking hours. Micro ATMs are the game changer connecting banking operations to the population, especially from Tier-1, Tier-II cities and beyond. In light of low infrastructure costs and operational efficiencies achieved through mobile connectivity, a microATM is a bank in the box which is more viable than a conventional ATM.

How does the Micro ATM work?
Micro-ATMs are portable banking devices that are connected to a bank’s central database. This means that they can provide customers with access to their account balances and allow them to withdraw cash. In order to use a Micro ATM, customers simply need to insert their debit card into the machine and enter their PIN number.

The machine will then dispense the desired amount of cash. It’s as simple as that! Micro ATMs are a convenient way to withdraw cash.

How is Evolute Fintech Innovations – Micro ATM Bringing Changes in Rural Areas? 
Evolute FinTech Innovations aims to serve the unmet financial needs of those segments of the population that are not the core target segments of traditional financial services models. In the process, to ’empower’ them with technology, resulting in greater accessibility and prospects for creating growth opportunities.

Evolute Fintech Innovations creates products that enhance growth. We are constantly seeking ways to recognise the technology used in rural areas.

Financial literacy is a significant issue in rural India. Language limitations can often make it difficult for customers to communicate and understand their options while completing financial operations. A lack of basic literacy has occasionally proven to be a barrier.

Despite all the advancements to date, the goal of digital and financial inclusion will remain a pipe dream unless the infrastructure is properly developed for rural areas to access essential banking services and awareness is raised about the programs offered in these places. According to research, 87% of individuals in rural areas use their mobile phones to access the internet, demonstrating the enormous opportunity to reach this market.

Evolute Fintech Innovations’ Falcon and Leopard Micro ATMs are designed to bridge the financial gap by providing services to their customers.

Falcon is an innovative, portable gadget that turns your existing smart devices, such as mobile phones, tablets, and laptops, into a Micro ATM for financial services. It functions well even in the roughest situations due to its durability and sturdy qualities.

It can provide several services, including e-KYC, cash withdrawals, cash deposits, cash transfers, and retail payments, all of which are available under the scope of the Aadhaar-enabled transaction. It backs this up with a receipt via the wireless Thermal Printer.

Additionally, it has a fingerprint scanner, a single or dual intelligent card reader, a three-track magnetic card reader, a contactless smart card reader, and a security access module.

Leopard is an innovative way to recruit new customers and provide banking services such as account opening, e-KYC, deposits, withdrawals, and cash transfers while on the go.

Leopard is an indigenous product created in India using indigenous technology. It supports biometric authentication by allowing for payments such as Aadhaar-enabled payments and other biometric-related transactions and verifications. Leopard is a device that is truly secure and reliable.

When you connect Leopard to an EMV-supported Pin Pad, you may turn the Leopard device into a single touchpoint for RUPAY and other EMV card-based transactions such as withdrawals, balance enquiries, and sale transactions.

The use of technology to improve e-Governance programs like PDS, DLRC, NPR, MGNREGA, Echallan and voter registration is progressing quickly. Automating front-end solutions with webbased technology allows integrated TABLET POS systems like LEOPARD to perform their role in such efforts.

Why Micro ATM is beneficial for Rural India?
1. This Micro ATM enables a person to effortlessly deposit or withdraw funds regardless of the bank associated with a specific Banking Correspondent (BC).

2. Micro ATM needs a connection through mobile phones and will be available at all BCs.

3. Customers must provide proof of identification before withdrawing or depositing monies into their bank accounts. The BC will draw the cash from its cash drawer.

4. Essentially, BCs will act as banks for clients; they need to use the customer’s UID to authenticate the customer’s validity.

5. With our biometric-enabled micro-ATMs basic transaction types such as deposit, withdrawal, fund transfer, and balance enquiry can be made safely and seamlessly.

How is the Micro ATM of Evolute Fintech Innovations helping the digital economy?
Globally, interconnected mobile payment systems, point-of-sale devices, tablet banking, financial intermediaries and correspondents enable financial access/inclusion in rural areas.

In rural areas, there were not enough products specifically designed to fulfil the requirements of various customer groups, particularly low-income households. The majority of insurance companies continue to develop their offerings through conventional channels. Additionally, complicated settlement procedures were impeding the sector’s expansion.

According to Mukunda Bhattarai, the Branchless Banking BLB provided by (Machhapuchhre Bank) MBL is used to provide banking services to people in rural locations without bank branches. BLB has increased the bank’s customer base by more than 16,000 during the past two years.

The microfinance sector relies too heavily on various processes and transactions, such as group center meetings in rural areas. This results in delays and mistakes when posting to essential backoffice services. In addition to presenting a systemic risk, the fragmented offerings of fintech companies prevented substantial investment worldwide. This was due to a lack of a proper legal and regulatory framework for building mobile financial services.

Many people, particularly in poor and rural areas, are unaware of the financial goods and services available. Many don’t know the advantages of using these digital products in their daily lives. That’s why Evolute Fintech Innovations brought some awareness through the medium of technology. That will also build and enhance the economy of India.

Evolute FinTech Innovations aspires to TechPower the globe and empower frontend solutions using cloud-based technology with the aid of competencies across Design, Technology, & Manufacturing platforms to support the broader goal of financial inclusion.

The microfinance of the nation’s unbanked areas has recently placed a high priority on micro-ATMs. Expensive ATMs, which are unprofitable to operate and have low penetration, paved the way for developing affordable digital structures. The rural areas of the high-cash economy need financial support, so micro-ATM entrances are required in every town, and Evolute Fintech Innovations is creating change through its products.