MoneyOnMobile launches biometric ATM product

In the initial phase, the company activated 3,000 units, and expects another 3,000 activations in the coming months. Prior to launch, the payment network had 5,000 MOM ATM units operating in the field. This new biometric MOM ATM leverages both the Open Banking APIs of the company’s banking partners and the Indian governments national identity system known as Aadhaar.

Consumers can receive cash from their bank account by scanning their fingerprint on the new biometric reader – the fingerprint is linked to the consumer’s bank account, and substitutes for the debit card. Participating MOM Merchants provide the cash from their till just as they do when using the company’s existing MOM ATM and a debit card swipe.

MoneyOnMobiles payment platform connects retailers to banking partners and the Aadhaar system. The Aadhaar Enabled Payment System (AePS), a Government of India initiative, was launched to empower a banks customer to use Aadhaar as his/her identity to access their Aadhaar linked bank account. Using AePS, the bank account holder can perform basic banking transactions like cash deposit, cash withdrawal and balance inquiry.
The process for a consumer to withdraw cash using an AePS –based MOM ATM is similar to the current handheld

MOM ATM, but instead of handing over a card that is swiped through a machine, the customer places their fingerprint on a biometric reader. Once the system authenticates their ID, the retailer can process their cash-out request in the same manner as the handheld MOM ATM.