In a bid to strengthen the ATM infrastructure in the country and to ensure that every citizen has access to cash anytime, anywhere. PayNearby, India’s leading digital payments company, has said, “It has established a colossal network of one lakh micro-ATMs (MATMs) operating across 17, 600+ PIN codes in India.”
According to the RBI reports, the number of traditional ATMs in the country stands at 2.41 lakh for a population of 1.3 billion.
In a statement issued, PayNearby said, “It is looking to aggressively seed these ATMs across its 41+ lakh microentrepreneurs across the country and enable easy cash withdrawal at every doorstep at the last mile.”
Currently, PayNearby witnesses over ₹500 crores worth of ATM withdrawal every month.
The distribution of ATMs within India is very unbalanced, with metros having 53 ATMs per one lakh population, urban areas having 69 ATMs per one lakh population, semi-urban areas having 53 ATMs per one lakh population, and the rural areas having a meager 9 ATMs per one lakh population.
When compared to its global counterparts, India is among the countries to have the lowest ATM penetration in the world. As compared to the world average of 50 ATMs per one lakh population, India is way below, at an average of 28 ATMs per one lakh population. Compared to this, China is at 98 ATMs per one lakh population and Brazil at 105 ATMs per one lakh population.
Speaking on the development, Anand Kumar Bajaj, Founder, MD & CEO, PayNearby, said, “At PayNearby, we have been diligently working towards the financial and digital empowerment of all citizens of India so that they have access to essential banking services. And, establishing a one lakh-strong ATM network is a landmark for us.”
“Considering its USPs such as portability, affordability, and low maintenance, micro-ATMs have been effective in curbing the infrastructure costs incurred, especially in rural India where a full-fledged ATM becomes unviable,” He added.