Ezetap - Small ATM (Chota ATM)
SBI (State Bank of India) in partnership with Ezetap has launched Chota ATM, which is also a PoS (Point of Sale) terminal operating from neighborhood Kirana shop. The Chota ATM’s Point of Sale terminal will be used for collecting electronic payments from any Debit or Credit card.
How small ATM (Chota ATM) works
The solution is being offered at Rs.500 ($8) setup fee and thereafter a fee of Rs.150 ($3) per month. Commission on each transaction would be Rs.5 ($0.08). If someone wants to start accepting payments through the Ezetap solution they would need to open a zero balance current account with State Bank of India.
Cardholders will not only be able to make payments but also withdraw cash from the Ezetap merchants. The daily limit of Rs.1000 ($16.17) is there for cash withdrawals.
The solution is similar to that of square. If the users adopt the solution it would be a game changer as far as usage of debit and credit cards in India.