Mumbai, Feb 15 (PTI) After automated teller machines(ATMs), the country''s third-largest lender Axis Bank todayintroduced a new concept wherein a swiping machine at a shopcan be used by an account-holder to withdraw cash.
Christened as "Everywhere Teller Machines" (ETM), thefacility has the potential to be used at the 1,80,000 pointsof sale of the bank spread across the country.
"Generally, card swiping is done to make a purchase at ashopkeeper''s end. ETM is the reverse wherein a customer canwithdraw 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''sVijayawada today, commencing with 120 points of sale, arelease issued by the bank said.
It plans to scale it up to 500 merchants of sale inAndhra Pradesh by end-March this year and then roll it out inMaharashtra, Tamil Nadu, Karnataka, Kerala and Gujarat byend-FY 12, the release said.
Any person having a debit card of any bank can withdrawup to Rs 1,000 in a single transaction and will be charged Rs10 per transaction, it added.