The microATM device was originally described at a high level in a vision document by UIDAI titled “From Exclusion to Inclusion with Micropayments”. It is meant to be a device that is used by a million Business Correspondents to deliver basic banking services at the last mile. A committee consisting of IBA, UIDAI, NPCI, IDRBT, RBI and various banks was created to define the specifications and use cases of this device, which are presented here.
The costs of not standardizing a device like the microATM are quite high; large sections of Indian society will continue to be left out of the country’s financial system. The telecom industry is widely regarded for relentlessly driving down costs and bringing coverage to large parts of the Indian population. Similar success is possible in the payments industry. The microATM is a first step towards providing an online, interoperable, low-cost payments platform to everyone in the country.