Axis Bank launches new concept -- Everywhere Teller Machines

MUMBAI: After automated teller machines (ATMs), the country's third-largest lender Axis Bank today introduced a new concept wherein a swiping machine at a shop can be used by an account-holder to withdraw cash .

Christened as "Everywhere Teller Machines" (ETM), the facility has the potential to be used at the 1,80,000 points of sale of the bank spread across 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, adding the merchant will be paid a transaction fee.

The bank kick-started the concept in Andhra Pradesh's Vijayawada today, commencing with 120 points of sale, a release issued by the bank said.

It plans to scale it up to 500 merchants of sale in Andhra Pradesh by end-March this year and then roll it out in Maharashtra, Tamil Nadu, Karnataka, Kerala and Gujarat by end-FY 12, the release said.

Any person having a debit card of any bank can withdraw up to Rs 1,000 in a single transaction and will be charged Rs 10 per transaction, it added.

By-Economic Times