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MoneyOnMobile launches biometric ATM cash-out solution

May 25, 2018

MoneyOnMobile Inc., one of India's largest mobile phone-based payment networks, has launched a new biometric-based ATM cash-out solution, that allows consumers to withdraw funds from their bank account at any participating merchant.

The company has already activated 3,000 units, and expects to activate another 3,000 in the coming months, according to a company press release. Prior to the latest launch, MoneyOnMobile had 5,000 MOM ATM units operating in the field.

The biometric MOM ATM leverages the open banking APIs of the company's banking partners and the Indian government's national identity system, known as Aadhaar. The MoneyOnMobile payment platform connects retailers to the company's banking partners and the Aadhaar system making the entire transaction seamless, the release said.

To get cash, consumers use the biometric fingerprint reader to scan their fingerprint, which is linked to their bank account. Unlike the current handheld MOM ATM, no debit card or PIN is required.

Once the system authenticates the customer's fingerprint, the retailer can process their transaction, paying out cash from the till in the same manner as with the handheld MOM ATM. The retailer and MOM receive a fee for the transaction, which is determined by the sum withdrawn.

"Before the rollout we had roughly 5,000 MOM ATM units operating," MoneyOnMobile chairman and CEO Harold Montgomery said in the release. "We expect that this figure will go well beyond 11,000 with the new biometric-based MOM ATM in the coming months, and bring us closer to our goal of having 30,000 MOM ATM units operating 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 Ranjeet Oak, head of India operations at MOM."