Vortex Engineering, an Indian start up, is rolling out solar-powered ATMs to facilitate banking in rural parts of India.
The ATMs use the same amount of energy as a conventional light bulb, and can operate without air conditioning is heat up to 122 degrees Fahrenheit. Vortex’s solar-powered ATMs emit at least 18,500 kg of CO2 each year, when compared to conventional ATMs.
“Our ATM is a customized solution to rural India’s unique problems where power is scarce, accessibility is poor, crisp notes are rare and the language and dialects vary. Yet, it a product that is scalable across geographies,” Kannan Lakshminarayan, co-founder and chief technology officer at Vortex Engineering, told CNBC.
“I have always been motivated by the social impact of work on society. Local problems need local solutions. When you import solutions, you can at best be only second rate,” says Lakshminarayan.
In addition to being powered on solar energy, the ATMs have a simplified, energy efficient design with fewer parts that could require repair.
Next year, Vortex Engineering will supply at least 5,000 ATMs across the country. At the moment there are about 150,000 ATMs in India – a country with a population of 1.2 billion.