Mahagram launches branchless banking for underserved

The branchless banking will provide variety of services like cash withdrawal, cash deposit, balance enquiry, mini statement, loan repayment, loan disbursement, domestic remittance services, customer enrolment among many other services

Mahagram launches branchless banking for underserved

Mahagram is deploying micro ATMs on its retail network of eGram Kendra. The micro ATMs enable the consumer from any part in India to go and withdraw cash from their accounts from nearby eGram Kendra or Mahagram Outlets. These micro ATMs are built on an Android POS and will also have value-added services, not only limited to Aadhaar, PAN Cards, utility bills and so on, placing the bar higher for the next generation of mobile payments. One can transact both indoor and outdoor effortlessly while managing inventory, payment, reports and analysis and customer engagement activities.

The peculiarity of Android POS is the outcome of integrating key-edge hardware functionality with the Android Operating System which assists the merchants and business owners to use the device like a smartphone filled with scalable banking, finance and e-governance apps.

Banks are planning to utilise the large nationwide UID (Aadhaar) coverage, to help rural masses with Aadhaar enabled micro ATMs as they facilitate multiple financial inclusion solutions. Through the Android POS device, merchants can accept payments from credit cards, debit cards, wallets, online payments, UPI, Bharat QR and offer EMI option. Android POS will provide a variety of services like cash withdrawal, cash deposit, balance enquiry, mini statement, loan repayment, loan disbursement, domestic remittance services, customer enrolment, e-governance, account opening, PAN cards and eKYC of customers.

Highlighting about the services, Ram Pathade, CEO, Mahagram, said” This is a path-breaking initiative not only for Mahagram but also for our country as a whole. This will also align with the PMs Digital India initiative to enable or to take the technology to every common men of the country.”

He added, “Mobile devices, high-speed data communication, and online commerce are creating expectations that convenient, secure, real-time payment and banking capabilities should be available whenever and wherever they are needed. And people love Android.”

The payments can be accepted anywhere shaping it a complete omni-channel payment solution. Apart from accepting payments, the Android POS allows merchants generate bills, invoices, and track sales along with transactions on a daily, weekly and monthly manner. Business owners can also consolidate their customer database, inventory, issue printed receipts and track the device through the GPS functionality.

It provides multiple solutions to help Indian merchants operating in different industries adopt digital payments rapidly — it is affordable, portable, easy to use and highly customisable. It will accelerate the pace of digital inclusion for millions of local merchants and customers in India.

Mahagram is Mumbai based financial technology company focusing on financial inclusion and last mile delivery of financial and e-governance products and services. By partnering with banks and financial institutions providing hundreds of millions of Indians who are under-banked and who do not have the capability to resolve basic banking services and government schemes. Approximately 70 percent of Indian population, living in rural India is the right target segment. Mahagram is facilitating these banking needs with the help of Aadhaar and its digital banking platform called, eGram.

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