On Tuesday, September 6, 2023, Hitachi Payment Services and the NPCI jointly unveiled India’s first UPI-ATM. The ATM is at the Global Fintech Fest in Mumbai. Besides that, the newly installed ATM is set to reinvent the traditional ATM transaction experience for Indians. The NPCI-operated UPI allows for instant and free fund transfers between bank accounts via mobile payments. In fact, UPI is the fastest-growing payment method in India, accounting for over 50% of all digital transaction volumes.
What is a UPI ATM?
This is a branded UPI-ATM service that supports cardless cash withdrawals. That is to say, you can withdraw cash from an ATM without having to use a physical ATM card. Instead, you can generate a QR code by entering your UPI ID and PIN. The ATM then scans the QR code and disburses the cash. Furthermore, customers can currently use it at the Global Fintech Fest; deployment at additional locations will begin in a few months.
Features of New UPI ATM
● Makes it possible to withdraw money without a debit or credit card.
● Suitable for a variety of systems.
● For added security, it employs dynamic QR codes.
● Is more user-friendly and secure than traditional ATMs.
● Is a significant advancement in the evolution of digital payments in India.
● Provides the UPI app with the ability to withdraw money from multiple accounts.
● Up to Rs. 10,000 per transaction, in line with existing UPI daily limits and issuer bank UPI-ATM transaction limits.
● When you start a transaction, the dynamic QR code on the ATM screen changes. As a result, it is more challenging for thieves to steal the QR code and use it to access an ATM to withdraw money.
● It does away with the need to carry around a debit or credit card, which is vulnerable to loss or theft. Additionally, remembering PINs for various cards is no longer necessary.
Benefits
The following are some of the advantages of using a UPI-ATM:
Less risky: You do not need to carry an ATM card, which is prone to theft or loss.
More practical: You can use your smartphone to withdraw money.
Faster: It takes only a few seconds to complete the transaction.
No transaction fees: Withdrawals made through UPI do not incur any transaction fees.
Security: Dynamic QR codes make it harder for thieves to take your money.
Withdrawal Procedure from India’s First UPI-ATM
Here is a detailed “step-by-step” guide to using the UPI-ATM service for your convenience.
- Go to the UPI-ATM and choose “UPI Withdrawal.”
- Enter your UPI ID as well as your PIN.
- By tapping the “Generate QR Code” button, you can create a QR code.
- Utilize the QR code reader on the ATM to scan the barcode.
- Enter the amount of money you want to withdraw from UPI- ATM
- Confirm the transaction.
- Gather your cash.
NPCI Statement After India’s first UPI-ATM
“We’re pleased to bring customers this revolutionary and easy and simple-to-use ATM that will enhance their transactions. Moreover, the introduction of the ‘UPI ATM’ marks a significant banking milestone. Similarly, it seamlessly integrates UPI’s convenience and security into traditional ATMs. This novel concept aims to provide instant access to cash, even in remote areas of India, without the use of a physical card.” NPCI said.
How is it different from a Normal ATM in India?
Current card-less cash withdrawals use mobile numbers and OTPs, while India’s first UPI-ATM operates via QR-based UPI withdrawals. UPI users who have smartphones running Android or IOS and the UPI app installed can access this new UPI-ATMs. Moreover, users must have a UPI app set up on their IOS or Android devices in order to utilize this technology. Hitachi Payment Services, a wholly owned subsidiary of Hitachi Ltd., frequently leads payment innovations in India. In fact, the introduction of the UPI-ATM solidifies its position as the industry leader, poised to revolutionize the ATM experience.
Final Words
India’s first UPI-ATM has several advantages over traditional ATMs. In fact, the UPI-ATM is a quick and safe way to get cash. They are more secure because you do not have to carry an ATM card with you. Additionally, they are more practical because you can withdraw money using your smartphone. In the upcoming years, Hitachi Payment Services may launch more of this type in India. After all, they have the potential to revolutionize the way we withdraw cash. In short, this represents a significant advancement in India’s development of digital payments. Finally, the UPI-ATM is a fantastic choice if you need to withdraw money quickly and securely. Stay up to date with ScoopDose for the most recent tech news and captivating blog content. So, Join us now and explore the future of technology with us
