In the initial phase, full-fledged ATMs will not be installed. Cash Vending Machines which primarily dispense Cash will be installed.
The basic difference between an ATM and a Cash Vending Machine is cash can be deposited or withdrawn in an ATM, whereas in Cash Vending Machine, cash can be only withdrawn.
In India, in ATMs’ 95% of the transactions are for Cash Withdrawals, rather than cash deposits.
The operating costs of Cash Vending Machines are far less as compared to ATMs. Hence, it is a sound business decision, to roll-out Cash Vending Machines rather than ATMs.
Yes, the future is bright for Safe ePayments in India.
- Indicash ATMs’ cross the 400 mark (simplybanking.wordpress.com)
- Shops Turn Micro ATMs, State Bank of India Allows Cash Withdrawal at PoS (nextbigwhat.com)
- Westlake Police looking for suspect in vending machine thefts (chronicle.northcoastnow.com)