What else can the ATM do?

Most of us use the ATMs to withdraw money. Some banks are making attempts to make its use possible for making payments of utility bills. Also booking of railway ticket through ATMs is being planned. However, with little modification, ATMs can do many more things. Anyone who has lived for some time in Japan will vouch for the same.

Integration of a printer with a slot to insert passbook will bring lots of relief to lakhs of account holders who are forced to visit their banks to get their passbooks updated. A simple magnetic strip embedded at the back page enables the printer to read the account number, fetch the record and then turn the required page to print the entries. If one has forgotten to get the ATM card, one can use passbook to conduct all transactions at the ATM. In Japan the printer forms part of the ATM. Our ATMs do not have passbook printers built in them. Changing the design has many other considerations. However, a separate secured printer can always be attached to the ATM which will then enable people to update their passbooks at their will. Lakhs of account holders saddled with loose printouts today will be spared from the agony of keeping track of them.

Payment to third party through ATM is another application used a lot in Japan. User has to just choose the bank and branch of payee and write the account number. Since ATMs are networked, the details of payee like name and address get displayed. After confirmation payer keys in required amount which gets transferred from his account and receipt generated. Of course, a small fee is charged, which is much less than the fee of making a draft and the courier fee. Such a facility in our country will be a big boon for those who are scared of using credit card on the Internet but want to buy things online. After selection of item online, transaction Id could be generated, which could then be used for making payment through ATM to the merchant.

With integration of a currency counting machine inside, ATMs also work as cash collecting device in many countries. Foe depositing cash one does not have to go bank in Japan. ATMs also accept cash through counting device, which not only shows on the screen, the cash counted but also speaks out the same. This facility can also be used by those not having account to transfer money to others having accounts, against a fee. Such a facility will make life easier for those who do not have credit card but want to book railway ticket without going to railway station. Booking could be done using Internet or cellphone and payment through this facility along with transaction Id before ticket is shipped.

These extra facilities ensured that during two years of my stay in Japan, I went to the bank twice; first time to open the account and second time to close the account. However, I could do all bank related transactions on the ATM. I hope very soon we will also have similar facilities in Indian ATMs too.