UPI ATMs: Withdraw money without the need to carry debit cards
UPI ATMs are the new trick under the sleeves of banks. The advent of UPI ATMs will allow users to eliminate the need to carry a debit card with them. Through UPI ATM, users can use any UPI-enabled app on their mobile devices and withdraw money just like any UPI Scan & Pay transaction.
This is more convenient for all users as earlier one couldn’t withdraw money if they forgot their debit card at their home. It is powered by UPI only which is an online platform operated by NPCI.
More banks to follow for UPI ATMs
As of now, the Bank of Baroda is the only public sector bank that has launched a UPI ATMs feature. On Friday, the Bank of Baroda notified that all 6,000 Bank of Baroda ATMs across India now support the UPI ATM facility. This makes them the first bank to launch it.
This has taken place along with the coordination of the National Payments Corporation of India (NPCI) along with NCR Corporation. The instant transfer of money between bank accounts is enabled by NPCI itself.
This UPI ATM was apparently unveiled at the Global Fintech Fest 2023 in Mumbai on September 5. The speed at which India is digitising financial services & making them consumer-centric as opposed to corporate-centric (Alarm bell for credit card companies?) is simply dazzling.… pic.twitter.com/krBXhbc9Qh
— anand mahindra (@anandmahindra) September 7, 2023
At a Global Fintech Fest in Mumbai, Hitachi Payment Services was the one to launch India’s first UPI-ATM that offers the same secure cash withdrawals without the need for any cards.
Features and Procedure for UPI ATMs
As of now, under this feature, withdrawals up to Rs. 10,000 are only supported. This limit is per transaction and users can do multiple transactions. It is the same part of the existing daily UPI limit which is decided as set by the issuer bank for ATM-UPI transactions.
Thereby, users can do cardless cash withdrawals from multiple accounts using the same UPI app they are comfortable with.
Following are the steps to withdraw money from an ATM using UPI i.e. UPI ATMs:
- Look for the “UPI Cardless Cash” option on the ATM screen. Depending on different bank’s ATMs, its position might vary.
- Once found and selected, choose the cash withdrawal amount.
- The QR code will be displayed on the ATM screen for the amount you entered. Scan the UPI QR Code using the UPI app of your choice.
- Select the bank account from which you wish to debit the money if multiple bank accounts are linked to your UPI app.
- Enter your UPI pin to confirm your transaction and collect the dispensed cash from the ATM.
Thus, this is how you can use UPI ATMs. What do you think about the convenience offered by the same?
