Now may users required to use debit cards to withdraw money.
A key advancement in the banking industry is the UPI-ATM, which combines the UPI's simplicity and security with
the familiarity of regular ATMs.
The UPI-ATM is a significant development in the banking sector.
HIGHLIGHTS
- UPI-ATM
- Hitachi Payment Service And UPI-ATM
- UPI-ATM A Significant Development
Have you ever needed cash outside and neglected to bring your wallet or debit card? You can now withdraw cash from ATMs without a card thanks to the UPI ATM. To withdraw money from an ATM, simply use your UPI app to scan a QR code on the screen and input your PIN. Magical, huh? Yes, it is in fact.
White label ATMs like the UPI ATM are run and owned by non-banking organizations. Customers of the collaborating banks may use it. The UPI ATM's withdrawal cap is Rs 10,000 per transaction. You must have a UPI app loaded on your smartphone in order to use the UPI ATM. Additionally, you will need a bank account that accepts UPI.
Users of the UPI-ATM can withdraw money from the machine without using a debit or credit card. According to an article in the Business Standards, users can instead use their UPI ID and PIN to authenticate the transaction.
How to Utilize the Use of UPI-ATM
To withdraw money from a UPI-ATM, you must first:
- On the ATM screen, select the "UPI cash withdrawal" option.
- Enter the amount to be withdrawn.
- The ATM's screen will display a QR code.
- Using your UPI app, scan the QR code.
- Enter your UPI PIN here.
- The cash will be dispensed by the ATM.
UPI-ATM and Hitachi Payment Service
In collaboration with the National Payments Corporation of India (NPCI), Hitachi Payment Services has launched India's first UPI-ATM. The new ATM connects to Hitachi's UPI payments system, allowing customers to withdraw cash without a physical card.
"The Hitachi Money Spot UPI ATM would provide customers with a unified and secure user experience while also offering them the convenience of card-less cash withdrawals," the business stated, according to the newspaper.A Significant Development with UPI-ATM
A key advancement in the banking industry is the UPI-ATM, which combines the UPI's ease and security with the familiarity of regular ATMs. Without a physical card, this novel method enables customers to withdraw money swiftly and easily—even in distant areas of India.
The UPI-ATM has been lauded by the National Payments Corporation of India (NPCI) as a "big step" in the growth of India's digital payments ecosystem. The NPCI is of the opinion that the UPI-ATM will facilitate user access to funds and advance the movement toward a cashless society.
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