Bank of Baroda Introduce Interoperable Cardless Cash Withdrawal (ICCW) facility for its customers, as they can withdraw money from ATMs using the Unified Payment Interface (UPI).
Customers can select the option ‘UPI Cash Withdrawal‘ on the ATM screen, and then enter the withdrawal amount.
A QR code will appear on the screen.
Bank of Baroda said the customer can scan the QR code using a UPI app enable for ICCW and then authorise the transaction with her/his UPI PIN on the mobile phone to withdraw the cash from the ATM.
Bank of Baroda said :
“The first public sector bank to launch this service, Bank of Baroda customers as well as customers of other participating issuer banks that use BHIM UPI, bob World UPI or any other UPI application enabled for ICCW on their mobile phone can withdraw cash from a Bank of Baroda ATM without using their debit card,”.
If multiple bank accounts are link to a single UPI ID, ICCW functionality gives customers the option to select the account to be debite.
Customers can avail of two transactions a day per account with a withdrawal limit of Rs 5,000 per transaction.
Akhil Handa, Chief Digital Officer at Bank of Baroda, said :
New ICCW facility being offered by the bank gives customers the freedom to withdraw money without the use of a physical card, a simple, convenient and secure way to withdraw cash.”
Bank of Baroda operates more than 11,000 ATMs across India.
UPI payments saw a record high of Rs 149.5 lakh crore UPI, card transactions in 2022, as per a Worldline report.
According to the report, UPI goes over 74.05 billion transactions in volume and Rs 126 lakh crore in terms of value.
Its transactions volume and value almost double since last year as it record 91% increase in volume and over 76% increase in value in Year 2022 as compare to Year 2021.
As per the report, it shows that frequently visit physical merchant categories like grocery stores, restaurants, clothing and apparel, pharmacy and medical, hotels, jewelry retail, specialty retail, household appliances and departmental stores together accounted for over 43% in terms of volume while 40% in terms of value.
In the online space, e-commerce, gaming, utility and financial services contribute to over 85% transactions in terms of volume and 25% in terms of value.
