Key Highlights:
- India’s first UPI-ATM, launched in Mumbai on September 5, revolutionizes cardless cash withdrawals.
- This ATM uses UPI technology, eliminating the need for physical debit cards or ATM visits.
- Users select ‘UPI cash withdrawal,’ scan a QR code, and confirm the transaction with a PIN.
- Notable features include interoperability, cardless transactions, and a Rs 10,000 withdrawal limit, streamlining access to funds.
India’s first UPI-ATM was unveiled on September 5 in Mumbai, marking a significant milestone in the realm of secure cardless cash withdrawals. This initiative, launched in collaboration with the National Payments Corporation of India (NPCI), offers a groundbreaking solution for easy access to funds.
The UPI-ATM leverages the Unified Payments Interface (UPI), a digital platform operated by NPCI, enabling instant money transfers between bank accounts. Unlike traditional ATMs, this white-label ATM does away with the need for physical debit cards or ATM visits, streamlining the process of cash withdrawal.
Here’s how the UPI-ATM operates: Customers select the ‘UPI cash withdrawal’ option or similar term on the ATM and choose their desired withdrawal amount. Subsequently, a unique dynamic QR code appears on the ATM screen. Users scan this QR code using any UPI app and validate the transaction by entering their PIN on the mobile app. Once confirmed, the ATM dispenses the requested cash.
UPI is your New Mobile Banking- Here’s Why!
Noteworthy features of this service include interoperability, cardless transactions, and a withdrawal limit of Rs 10,000 per transaction, in accordance with existing daily UPI limits and issuer bank restrictions. Importantly, users can access cash from multiple accounts through a single UPI app, eliminating the need for multiple cards.
What is UPI Payment and How it Works?
While several banks offer cardless cash withdrawals through mobile numbers and OTPs, the UPI-ATM relies on QR codes for cash transactions, offering a unique and secure approach.
In conclusion, this white-label ATM, powered by the Unified Payments Interface (UPI), a digital platform managed by NPCI, changes how we withdraw cash. You no longer need physical debit cards or go to a traditional ATM. It makes cash withdrawal easier and more secure with a new, efficient method.
