Researchers in India have developed a small mobile ATM that would use iris and fingerprint recognition for transactions.
Developed by the Centre for Intelligent Systems at the Savitribai Phule Pune University (SPPU), the handheld ATM device is the size of a landline telephone.
Rather than storing cash in a secure part of the device, it generates a receipt of the transaction, which is directed to the bank.
After the bank is notified, the money would be ready to be delivered to the individual – again using fingerprint or iris recognition in conjunction with the Aadhaar card.
Aditya Abhyankar, dean, Faculty of Technology, Savitribai Phule Pune University and principal investigator of the project, told the Times of India, "We had to undertake some standard certificates to bring this system in the market which we have already acquired. Certificates for standard, biometrics among others have been complied with. To bring in such a product in the market these certifications are required. Conditions laid down in the Unique Identification Authority of India are also complied with."
The centre hopes to bring the product into the market by July, when all patents required for the micro-ATM should have been acquired.
Anjali Raje, executive director, International Longevity Centre (India), said many of their elderly customers struggle with bank transactions.
"It is an innovative idea as senior citizens are unable to go to the ATM”.