- A revolutionary UPI ATM, dubbed ‘India’s first UPI ATM’ that offers cardless cash withdrawals was showcased for the first time at the ongoing Global Fintech Fest in Mumbai.
- The new feature eliminates the need to carry physical ATM cards and is hailed by internet users as a ‘game changer.”
- The unique ATM has been developed by the National Payments Corporation of India and powered by NCR Corporation.
- The UPI ATM will act as just a regular ATM, and charges may be applied beyond the allowed free usage limit.
- Recently, UPI achieved a remarkable milestone by crossing 10 billion transactions in a month.
The Unified Payments Interface (UPI), used for immediate money transfers through mobile devices, has become the fastest-growing payment mode in the country. A revolutionary UPI ATM that offers cardless cash withdrawals was showcased for the first time at the ongoing Global Fintech Fest in Mumbai. Dubbed ‘India’s first UPI ATM’, the new feature eliminates the need to carry physical ATM cards and is hailed by internet users as a ”game changer.”
Union Minister Piyush Goyal posted a video on X, that showed a FinTech influencer, demonstrating how to withdraw cash from an ATM using UPI.
In the video, the process of withdrawal was also shared. You first need to go to the ATM and click on the ‘UPI Cardless Cash’ option. You’ll then get the option of choosing the amount you want to withdraw. From what is shown in the video, you’ll get options of Rs 100, Rs 500, Rs 1000, Rs 2000 and Rs 5000. After selecting the desired option, a QR code will appear on the screen. The user just needs to open their respective UPI app scan the code and enter the PIN. Once that’s done your transaction will be processed and the cash will be dispensed.
The unique ATM has been developed by the National Payments Corporation of India and powered by NCR Corporation. Notably, the UPI ATM will act as just a regular ATM, and charges may be applied beyond the allowed free usage limit. The new UPI ATM is currently supported on the BHIM UPI app, but it will soon be live on other apps like Google Pay, PhonePe, and Paytm.
Recently, UPI achieved a remarkable milestone by crossing 10 billion transactions in a month. The total number of UPI transactions reached an all-time high of 10.58 billion in August. A top official from the National Payments Corporation of India said that the country has the potential to do 100 billion Unified Payments Interface (UPI) transactions a month.
A new UPI ATM machine has grabbed the attention of Mahindra and Mahindra chairman Anand Mahindra. In a post on X), Mahindra shared the video too. In his post, Anand Mahindra marveled at the speed at which India is digitizing financial services. He was also curious about the impact this new machine and the spread of UPI could have on credit card companies.
(With inputs from agencies)
