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The drop in the number of ATMs is slowly leading to a cashless society. Well, is the society ready yet?

It is getting difficult to find an ATM in India these days as the number of ATMs in the country is decreasing. ATMs have been shutting down one after the other despite the dependence on cash persists and cash equals to 80 percent of all transactions. However, transactions through online payment platforms have increased immensely still most of the population still depends on cash for making financial transaction due to some reason or the other.

The number of ATMs will supposedly continue to drop because of a statement made by the Confederation of ATM Industry (CATMi) which is responsible for the network of ATMs across the nation. It has reportedly said that nearly 50 percent of the ATMs will rather shut down due to its high maintenance costs of software and equipment upgrades.

With the downfall in the number of ATMs in the nation the population might get deliberate about having their hold on cash. Given below are few names of those Fintech players who are going to enable an easy transaction and make a smart move in the market:

Spice Money

Spice Money is a technology based hyperlocal payments player that offers the services of cash-in and cash-out through its Spice mini ATM. Not just this, in fact it also offers bill payments, mPoS services and airtime recharge services. Since Spice Money has got a fair existence in Bharat, it has around 1, 50, 000 Customer Service Points (CSPs) in rural and semi-urban India. It has also drawn quite a good brand image in states like Jharkhand, Rajasthan, Madhya Pradesh, Chhattisgarh and Uttar Pradesh. Of course,these states cover 65 percent of India’s population.

In order to get an access to various financial services Spice Money is bridging the gaps through its latest technology and wide network of Spice Money agents.

Oxigen

Oxigen Service Indian is a payment solutions provider which is known for launching a mini ATM device while acting as a mPoS terminal with OxiShaan. The company has reportedly said that this device will enable people in rural areas to withdraw money from their individual bank accounts without even making a visit to the banks or the ATMs.

ToneTag

ToneTag, a global technology solution provider is harnessing the power of ‘sound’ for contactless payments. It is known to have backed by tech giants like Amazon, Mastercard, Reliance Capital and Amansa. ToneTag has got a product called RetailPod which can be converted into Mini ATMs as well as it enables contactless payment acceptance on point-of-sale (POS) terminal/ electronic data capture (EDC) machines through sound wave technology. The rural India is also being empowered through RetailPODs which is working as mini ATMs, accepting payments from multiple wallets and banking apps as well as allowing cash withdrawals.

A secured global technology solution provider, ToneTag enables payments through sound wave technology. This fintech player claims the enhancement of customer experience across various avenues such as retail, payment and mobility.

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