Who said ATMs have to sit still? (Or that mobile money has to involve a mobile phone?) India's Business Standard is reporting the rise in mobile ATMs being used to service consumers around the country, especially those gathered for large religious festivals.
According to the story, HDFC Bank has deployed mobile ATMs to the Maha Kumbh Mela in the city of Allahabad this year. Maha Kumbh Mela is a Hindu pilgrimage expected to draw more than 100 million people this year.
"It was impossible to rent space and set up our ATM there. The transaction volumes have been phenomenal," said Birendra Sahu, an executive at HDFC Bank, in the story.
Another financial institution, Federal Bank, posted portable ATMs near Sabarimala temple.
The story notes that deploying a mobile ATM, which is usually nothing more than a regular ATM put on a van, comes with a high price. Maintenance costs are at least 25 to 30 percent higher than stationary ATMs.
Read more about installation/deployment.