Financial service news : MoneyOnMobile, an Indian mobile phone-based payment network has launched a new biometric-based ATM cash-out solution.

The company has activated 3,000 units in the initial phase and is likely to activate a further 3,000 units in the near future.

Before this latest launch, MoneyOnMobile had a total of 5,000 MOM ATM units in operation.

Harold Montgomery – CEO and Chairman, MoneyOnMobile, said: “Our goal for 2018 is to expand our MOM ATM product line and the total number of deployments, and this biometric-based MOM ATM cash-out solution is a strong step towards achieving that goal.

“Before the rollout we had roughly 5,000 MOM ATM units operating. We expect that this figure will go well beyond 11,000 with the new biometric-based MOM ATM in the coming months, and bring us closer to our goal of having 30,000 MOM ATM units operating by the end of 2019.”

According to MoneyOnMobile, the new biometric MOM ATM utilizes both the Open Banking APIs of its banking partners and Aadhaar, India’s national identity system.

Consumers can draw cash from their bank account by scanning their fingerprint on the new biometric reader. The fingerprint is associated to the bank account of the consumer and acts as a substitute for debit card.

MoneyOnMobile says that participating MOM Merchants will offer the cash from their wallet just like how they are doing with the existing MOM ATM and debit card swipe.

The payment platform of MoneyOnMobile links retailers to its banking partners with the Aadhaar system enables the transaction by capturing the fingerprint of the customer.

MoneyOnMobile says that the Indian government’s Aadhaar Enabled Payment System (AePS) helps the bank account holder to carry out basic banking transactions such as cash deposit and withdrawal and for balance inquiry.

With the new AePS-based MOM ATMs, bank account holders can put their fingerprint on a biometric reader for their ATM transactions instead of using an ATM card.

Ranjeet Oak – Head-India Operations, MoneyOnMobile said: “The launch of AePS-based biometric service by MoneyOnMobile, will enable our underbanked consumers to have easy and quick access to their bank accounts just by visiting one of our enabled retail partners spread across 700 plus cities across India.

“As this service was much awaited by our retailers, we are pleased that we were able to swiftly adapt to their recommendations.”

  Financial service news, Harold Montgomery, India, MoneyOnMobile, Payment network, Ranjeet Oak