'Future of fintech' viral video shows a man utilizing UPI to take money from an ATM.
Social media users have been discussing a video of a guy using the cardless
withdrawal method to take money from India's first UPI-ATM.
On Tuesday at the Global Fintech Fest in Mumbai, Hitachi
Payment Services unveiled the UPI-ATM in collaboration with the National
Payments Corporation of India. According to the new platform, secure cardless
cash withdrawals are available.
HIGHLIGHTS
- What is UPI-ATM?
- How does it work?.
- Withdrawal limit & participating banks.
"UPI ATM: The Future of Fintech is Here," Union Minister Piyush Goyal
shared the video on X (previously Twitter).
Ravi Sutanjani, an avid X user who tweets on fintech and entrepreneurs, is
shown withdrawing Rs 500 using his UPI (Unified Payments Interface). He
described it as a "innovative feature for Bharat" and demonstrated how he
pulled money from the cardless ATM.
He started with a simple click on the "UPI cardless cash" screen. He then
chose a withdrawal sum of Rs 100, Rs 500, Rs 1,000, Rs 2,000, or Rs 5,000. A
QR code flashed on the screen after clicking on Rs 500. He scanned it with
his BHIM app and selected the bank account from which he wished to withdraw
funds. He entered his UPI PIN, and the transaction was successful, and the
cash came out of the ATM.
UPI ATM: The future of fintech is here! 💪🇮🇳 pic.twitter.com/el9ioH3PNP
— Piyush Goyal (@PiyushGoyal) September 7, 2023
While Sutanjani's video has over 2.2 million views, Piyush Goyal's video
has over 1.5 million views.
What exactly is the UPI-ATM?
The UPI-ATM is a white-label ATM that allows for cash withdrawals without
using a credit card. Customers of participating banks can withdraw cash
without the use of an ATM or debit card. White label ATMs are ones that are
owned and operated by businesses other than banks.
The key features of the UPI-ATM service
It offers a cardless transaction option that is interoperable.
The withdrawal limit per transaction is Rs 10,000. This will be in addition
to the existing daily UPI limit and the issuer bank's limit for UPI-ATM
transactions.
There is no need to carry a card for ATM cash withdrawals, and the UPI app
can be used to withdraw money from numerous accounts.
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