Partnership to provide biometric ATM access for India's underbanked
By ATMmarketplace.com
Ujjivan Financial Services Ltd., a pan-Indian microfinance institution in the process of becoming a small finance bank, has announced that it will provide ATMs to its un- and underbanked customers through biometric-enabled machines.
According to a press release, the technology for the initiative is to be provided by Financial Software and Systems, a global payments and fintech provider.
Ujjivan will use a "payments in a box" product from FSS to support end-to-end payments technology infrastructure for the SFB.
The solution will provide biometric ATM access to customers through the thumbprint linked to their Aadhaar government ID card, as well as security features such as EMV chip, in line with guidelines established by the Reserve Bank of India.
Ujjivan expects that this approach will increase ATM use among underprivileged customers with marginal education who are intimidated by technology or have difficulty remembering their PIN.
As an additional help, the ATMs will offer a regional language option in 24 states where Ujjivan operates. Customers will be able to make withdrawals as small as 100 rupees ($1.50) at these ATMs, the release said.
Ujjivan's small finance bank branches will assist first-time users with financial literacy education, live demonstrations and a communication program designed to demystify ATMs.
"Our primary goal is to reach out to the large unbanked populace through our small finance bank, and provide them with easy-to-use banking services that will help them build a better life," said Samit Ghosh, CEO and managing director of Ujjivan Financial Services. "We chose FSS because we are convinced that their understanding of the industry, their in-depth payments knowledge and expertise, and the technologically advanced payments infrastructure will help us achieve our goals."
"We are honored to be chosen by Ujjivan as the payments technology partner for their soon-to-be-launched SFB," FSS Managing Director Nagaraj Mylandla said in the release. "I am confident that our comprehensive 'payments in a box' infrastructure will support Ujjivan to launch and operate their SFB seamlessly and provide tailor-made retail banking products and services to their customers from day one."
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