NPCI Launches India’s First UPI ATM For Cardless Withdrawals

National Payments Corporation of India (NPCI) and Hitachi Payment Services have collaboratively launched India’s world’s first UPI-ATM. The UPI-ATM is powered by NCR Corporation.

This UPI-ATM allows customers to withdraw cash without using an ATM or debit card. It is a whiteATM, which means it is owned and operated by a non-bank entity.

To use the UPI-ATM, customers select the “UPI cash withdrawal” option on the ATM and choose the withdrawal amount. A dynamic QR code is then displayed on the ATM screen.

Customers scan the QR code using any UPI app and authorize the transaction by entering a PIN on their mobile app. Once validated, the ATM dispenses the cash.

Users can withdraw cash by selecting the UPI cardless cash option on the ATM screen, specifying the withdrawal amount, scanning a QR code with the BHIM app, entering their UPI PIN, and collecting the cash.

The UPI-ATM offers several features. It provides an interoperable, cardless transaction facility, allowing customers to withdraw cash from multiple accounts using the UPI app.

The withdrawal limit is set at Rs 10,000 per transaction, which is part of the existing daily UPI limit and the limit set by the issuer bank for UPI-ATM transactions.

The UPI-ATM differs from cardless cash withdrawals offered by banks. While cardless cash withdrawals are based on mobile and OTP, the UPI-ATM uses QR codes for cash withdrawals.

Currently, the UPI ATM is accessible through the BHIM UPI app, which will integrate it into other apps like Paytm, PhonePe, and Google Pay.

The launch of the UPI-ATM is seen as a significant milestone in banking services as it seamlessly integrates the convenience and security of UPI into traditional ATMs, according to the NPCI.

The UPI-ATM is receiving good reviews at the Global Fintech Fest in Mumbai. Praveena Rai, chief operating officer of NPCI, the organization behind UPI, expressed excitement about the UPI-ATM and its potential to improve the ATM experience in terms of cost, location, and reach.

Also Read:- Paytm Launches World’s First Soundbox With UPI, NFC Technology

People are responding positively to the UPI-ATM, which is a new type of ATM that uses the Unified Payments Interface (UPI) system.

Anand Mahindra, chairman of the Mahindra Group, shared a video of the UPI-ATM on social media and praised India’s progress in digitizing financial services.

India’s Unified Payments Interface (UPI) has become the fastest-growing payment method in the country. India has also offered several countries to use this advanced payment technology.

The National Payments Corporation of India (NPCI) affirmed the country’s potential to achieve a massive 100 billion UPI transactions monthly.

Business Writer

Indian businesses are the growth pillars of the Indian economy. And common people should be aware of what is going on in the business world. So Pratik took the responsibility to share business stories.

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