New Delhi: Has it every happned that you ever forgotten your wallet or debit card when you needed cash outdoors? The UPI ATM is a new innovation that allows you to withdraw money from ATMs without a card. Just scan a QR code on the ATM screen with your UPI app and enter your PIN to withdraw cash. Magical right? Yes, it actualy is.
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The UPI ATM is a white label ATM that is owned and operated by non-banking entities. It is available to customers of participating banks. The withdrawal limit for the UPI ATM is Rs 10,000 per transaction. To use the UPI ATM, you will need to have a UPI app installed on your smartphone. You will also need to have a bank account that supports UPI.
The UPI-ATM is a type of ATM that allows users to withdraw cash without using a debit or credit card. Instead, users can use their UPI ID and PIN to authenticate the transaction, as per a report in the Business Standards.
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Here’s How To Use UPI-ATM
To withdraw cash from a UPI-ATM, you will need to:
- Select the “UPI cash withdrawal” option on the ATM screen.
- Enter the amount you want to withdraw.
- The ATM will display a QR code on the screen.
- Scan the QR code using your UPI app.
- Enter your UPI PIN.
- The ATM will dispense the cash.
Hitachi Payment Service And UPI-ATM
Hitachi Payment Services has launched India’s first UPI-ATM in partnership with the National Payments Corporation of India (NPCI). The new ATM allows users to withdraw cash without a physical card by connecting them to Hitachi’s UPI payments system.
“The Hitachi Money Spot UPI ATM would provide customers a unified and secure user experience while offering them the convenience of card-less cash withdrawals,” the company said in its statemnt as per the report.
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UPI-ATM A Significant Development
The UPI-ATM is a significant development in the banking sector because it combines the convenience and security of UPI with the familiarity of traditional ATMs. This innovative solution allows users to withdraw cash quickly and easily, even in remote parts of India, without the need for a physical card.
The National Payments Corporation of India (NPCI) has hailed the UPI-ATM as a “big step” in the development of India’s digital payments ecosystem. The NPCI believes that the UPI-ATM will make it easier for people to access their money and will help to promote a cashless society.
