Wondering how India’s first UPI ATM which was launched on Tuesday works? Well, it’s very simple. This service offers a convenient way for customers to withdraw cash from any ATM that supports UPI-ATM functionality, all without the need for a debit or credit card. Of course, one thing you need to carry is your mobile to complete the cash withdrawal process.
Want to withdraw money from UPI ATM? Know the process here
1)The customer has to select the option ‘UPI cash withdrawal’ at the ATM.
2) The customer shall be prompted to enter the withdrawal amount.
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3) After entering the amount, a single-use dynamic QR code (signed) shall be displayed on the ATM screen.
4)The customer needs to scan the QR code using any UPI APP* and authorize the transaction with a UPI PIN on the mobile (UPI APP) to get cash from the ATM.
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UPI-ATM: Key features
Interoperable.
Card-less Transaction.
Transaction limit is up to ₹10,000/- per transaction. It shall be part of the existing UPI per day limit and as per the limits set by the Issuer Bank for UPI-ATM transactions.
Convenience i.e. no need to carry a card for ATM cash withdrawal.
Can withdraw cash from multiple accounts using UPI APP
On Thursday, Union Minister Piyush Goyal posted a video on X, that showed Ravisutanjani, a FinTech influencer, demonstrating how to withdraw cash from an ATM using UPI.
The unique ATM has been developed by the National Payments Corporation of India and powered by NCR Corporation
Users can now make voice-enabled UPI payments
The NPCI on Wednesday launched a slew of new payment options on the popular payments platform UPI — Credit Line on UPI, UPI LITE X, and Tap & Pay, Hello! UPI and Conversational Bill Payments
UPI transactions crossed the 10 billion mark in August
Recently, UPI achieved a remarkable milestone by crossing 10 billion transactions in a month.
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Updated: 07 Sep 2023, 01:57 PM IST