Battling to Find ATM with Cash: Mobile ATM, Walnut, CMS ATM Finder Cracking a Tough Nut

More than a week after the discontinuation of Rs. 500 and Rs. 1000 by Prime Minister Narendra Modi, the challenge of a limited flow of cash is still poking Indians in one of the weak (also one of most enterprising) spots – technology. Cash accounts for up to 90 percent of debit card transactions and commands most of the small-valued exchanges. And while cashless payment modes are trying to overthrow the monarchy of cash, people find the use of these more discomforting than waning in long queues.

Statistics from Pradhan Mantri Jan Dhan Yojna website indicate the affinity Indians have for cash compared to developed nations, staging one of the highest cash-to-GDP ratios. Indian government banks are kicking off efforts for circulation of cash using Mobile ATMs. This step was taken to ease the endless lines forming outside ATMs and to match up to the raging demand for cash. The mobile ATMs or vehicles carrying ATM are parked at a specific location and can process over 500 transactions per day. Canara Bank recently deployed one such ATM van at Bengaluru, saving people from waiting in long queues, while Dena Bank came in limelight for facilitating the public in Mumbai.

These vans typically carry up to Rs. 10 Lakh and are operational only during day time. Likewise, PNB’s mobile ATM has provided interim relief to some of the Delhiites. While the mobile ATMs are helping Indians deal with the cash crunch, the permanent solution lies in the recalibration of ATMs for new Rs. 500 and Rs. 2000 notes, which is likely to subsume 2-3 weeks, remarked the Finance Minister recently.

To render a prolific solution, one of India’s largest ATM Management firm CMS has introduced an ATM Finder App to keep a track of active ATMs managed by CMS on the basis of city or region. Additionally one can report if any of the ATMs is not working or out-of-cash. Mobile payment solutions app Walnut has integrated a map-based data of #ATMwithcash. It also gives an insight of the crowd gathered outside the ATM for which it relies on user data of its 1.8 million active users. Walnut also enables you to share the information with your friends from within the app.

For many people, this demonetization is a ray of hope dismissing the darkness of corruption. For others, the transformation is painful. Although the Govt of India and the RBI have revamped the cap of daily ATM withdrawal to Rs. 2,500,  and the running ATMs are bound to run dry. The announcement of Micro ATMs comes with a promise for respite, but no conclusive solution. Meanwhile, the public cannot avoid the unending queues, they can make a wise choice by pre-planning (and revising) their itineraries for the jerky ATM trips.

(Pro tip: track the number of steps you take while walking in the queues using this fitness band from Zebronics)