MoneyOnMobile Inc., a mobile payments technology and processing company, has launched “MOM ATM” in selected retail outlets across India to meet the growing demand for digital money and transactions.
MOM ATM allows retail merchants to serve as mini-ATMs, the company said in a press release. Banked customers can withdraw cash from their bank account at one of the company’s participating store locations.
This will make storing money in banks accounts more attractive to people across the country because they will be able to get access to their funds at a time and place that is convenient to them, the release said.
“Demonetization in India has increased demand for cash-out services from consumers,” Ranjeet Oak, president and COO of MoneyOnMobile, said in the release. “With only 200,000 ATMs in the country, the financial infrastructure is unable to support this demand, creating long lines for frustrated customers. The MOM ATM offers convenient access to cash in locations close to home and work. It will also benefit rural areas of India, given the lower amount of ATM’s per citizen in those areas.”
“MoneyOnMobile has always supported the banks by providing last mile transactional services. Now, we are proud to support the government of India’s drive to digitize more transactions in more places than ever before,” said Harold Montgomery, CEO and Chairman, MoneyOnMobile.