The co-founder of Square and MOM Board member explains the benefits of the new product.
Friday, February 3, 2017 — In an effort to fight corruption and black money, 86% of the cash spent in India everyday was pulled from economy, and daily withdrawal limits were imposed leaving people with limited access to cash. Additionally, for a country of 1.2 billion people, there are only 200,000 ATMs available, leading to long lines and increased frustration.The MOM ATM allows retail merchants in India to serve as mini-ATM machines for customers who come to their store. Customers can use MOM ATM to withdraw cash from their bank account With over 325,000 merchants in India enabled by MoneyOnMobile, our goal is to triple the number of cash out points across India.
