UPI ATM: India’s first UPI ATM has been installed. Hitachi Payment Services, a division of Hitachi Limited, has introduced a UPI ATM. With the help of this feature, you can now withdraw money from ATMs using UPI without a debit or ATM card.
It has been introduced as White Label ATM (WLA) of UPI ATM in partnership with the National Payments Corporation of India (NPCI) to provide this opportunity to the people of India. This ATM allows users to make payments from different accounts via the UPI app.
How will the UPI ATM work?
Ravisutanjani Kumar provided a video demo of the UPI ATM in the form of a touch panel during the Global Fintech Fest in Mumbai. Tapping on UPI Cardless Cash on the right side opens a new window with cash amount options such as Rs 100, Rs 500, Rs 1000, Rs 2000, Rs 5000, and other quantities. After you pick it, a QR code displays on the screen.
You must now scan the QR code with any UPI app. After scanning the code, consumers will be prompted to select their preferred bank account and confirm their selection. You must now confirm your intent to withdraw funds. Following this, the UPI PIN must be input. Following this, a UPI message will be sent indicating that the transaction will take place. The ATM will then extract your money.
How will it benefit users?
This will not only deliver something new, but it will also expand the financial infrastructure and withdrawal restrictions. Furthermore, UPI ATMs are viewed as a helpful step towards reducing financial scams such as card skimming.
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