Acemoney to launch project for taking banking services to individuals and traders in Tamil Nadu

Business MInutes

Leading fintech company Acemoney is set to launch a project for taking banking services to individuals and traders in Tamil Nadu. The company had recently launched an all-in-one payment device for the same. It incorporates Micro ATM, Aadhaar ATM, and POS in a single device. The device will not only act as a POS device but enable merchants to offer many other services.  

The company claimed that housewives and merchants can earn additional and permanent income on spending an amount of Rs. 250. From an entrepreneurial perspective, one needs to spend only Rs. 6499 for distributorship. The device will enable them to offer services such as cash deposits, cash withdrawals, domestic money transfers, balance enquiry, account opening, loans and insurance, bill payment and recharge and other non-banking services to customers.  The customers will be able to withdraw cash using biometric system that facilitates card-based or Aadhaar-based financial transactions, according to the company. Considering the requirements of traders and customers, a large screen touch display and thermal printing facility have been provided in the device.

Nimisha J. Vadakkan, MD, Acemoney, said that cards from any bank can be used for making payments on the device. Customers can approach merchants with their debit cards or Aadhaar cards for withdrawing money from their bank accounts. They can also deposit money in their bank accounts similar way. Moreover, Acemoney has provided BBPS facility also on the device to facilitate all kinds of recharging and bill payment. This will open new business opportunities for merchants and provide more services to the customers.  

The company had earlier launched offline UPI ATM card for making financial transactions using a keypad phone and without smartphone and internet connectivity and wearable ATMs, which can be used as a ring and keychain. For the first time in India, ATM at doorsteps was launched by Acemoney. It had immensely benefitted people during the time of COVID, according to the company.


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