Developed by the Centre for Intelligent Systems at the Savitribai Phule Pune University (SPPU), the handheld ATM device generates a receipt of the transaction, which is directed to the bank, rather than storing cash in a secure part of the device.
After the bank is notified, the money would be ready to be delivered to the individual, again using fingerprint or iris recognition in conjunction with the Aadhaar card.
The centre hopes to bring the product into the market by July 2016, when all patents required for the micro-ATM should have been acquired. Anjali Raje, executive director, International Longevity Centre (India), said the product would be a useful tool for elderly customers which struggle with bank transactions, most of them not being able to go to the ATM.
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