The third largest lender of the country, Axis Bank has come up with an innovative concept of Everywhere Teller Machines (ETM) in India. ETMs come into play following the era of ATMs.
The concept relies on the idea that merchant locations (point of sale terminals) can now be used by customers to withdraw cash. It has the potential to be used across 1,80,000 POS terminals all over the country.
"Generally, card swiping is done to make a purchase at a shopkeeper's end. ETM is the reverse wherein a customer can withdraw money at the shop," a spokesperson for the bank said. He said that the merchant will benefit in the process by getting a transaction fee per transaction.
The concept has been initiated in Vijayawada city of Andhra Pradesh with the inital coverage on 120 POS terminals.
The facility will allow every debit card holder of any bank to withdraw upto Rs 1000 per transaction with a charge of Rs 10 for every single transaction, the bank said in a release.