What Is Microatm And Aadhaar Enabled Payment System?
The current technological advancement has had a significant impact on the way financial institutions operate, offering up new opportunities for sophisticated and innovative businesses such as fintech banks. These companies have used financial technology to break into previously uncharted territory and disrupt industry standards. The rise of fintech was first viewed as a threat by banks. Their relationship, however, has evolved from one of competition to one of partnership, in which both banks and fintech provide the expertise that the other need. As a result, banks give expertise to fintech, while fintech contributes to technology and innovation capacity. Aadhar Enabled Payment System and MicroATM are two of these developments. To help accelerate financial inclusion in India, the RBI formed two working groups on MicroATM standards and Central Infrastructure & Connectivity for Aadhaar-based financial inclusion transactions, with members representing the RBI, the Unique I...