MoneyOnMobile launches biometric ATM solution leveraging Aadhaar
Indian mobile payment network MoneyOnMobile has announced the launch of a biometric ATM cash-out solution, with 3,000 units activated in the initial phase, and 3,000 more expected in the coming months. Biometric MOM ATMs leverage the company’s banking partners’ Open Banking APIs and the Aadhaar national ID, enabling consumers to withdraw money with a fingerprint rather than a debit card.
The Aadhaar Enabled Payment System (AePS) initiative was launched by India’s government to empower bank users to perform basic transactions like deposits, withdrawals, and balance inquiries with biometric identity verification.
MoneyOnMobile CEO and Chairman Harold Montgomery said the company’s goal for 2018 is to expand its MOM ATM product line and increase the number of deployments from the 5,000 units operating prior to the launch of the new biometric solution. The company hopes to have 30,000 ATMs in operation by the end of 2019.
“The launch of AePS-based biometric service by MoneyOnMobile, will enable our underbanked consumers to have easy and quick access to their bank accounts just by visiting one of our enabled retail partners spread across 700 plus cities across India,” said MoneyOnMobile Head of India Operations Ranjeet Oak. “As this service was much awaited by our retailers, we are pleased that we were able to swiftly adapt to their recommendations.”
“We are excited to launch this AePS-based MOM ATM to add yet another service which will provide last mile financial services to the over 600 million underbanked consumers in India. Our retailers, as well as MoneyOnMobile, earn revenue based on the size of the cash-out transaction, resulting in a positive impact on our MOM ATM revenue,” said Will Dawson, Chief Operating Officer, MoneyOnMobile.
The number of unbanked people in the world fell by 7 percent from 2014 to 2017, according to the World Bank, which singled out progress in India.