Indian Overseas Bank has launched its first mobile ATM as part of its drive to expand access to the institution’s services, an official from the Chennai, India-based bank tells PaymentsSource.
The ATM, which is mounted on the back of a van and communicates with processors using wireless telecommunication technology, will service Chennai by moving to different locations using a rotating schedule, according to the official.
“This ATM is meant to serve customers in north Chennai, where the number of regular ATMs was less,” he adds. “Of the 71 ATMs in the city, 20 ATMs were in north Chennai.”
At about 800,000 rupees (US$17,268 or 12,390 euros), the mobile ATM costs less than 40% that of regular ATMs. It also saves on rental costs of approximately 40,000 rupees per month, according to the official, noting the bank works with United Kingdom-based KAL for ATM support.
Indian Overseas operates 700 ATMs in India. “It is our aim to increase that network to 1,000 by using mobile ATMs,” the official adds.
