India’s first UPI-ATM launch as a White Label ATM (WLA) by Hitachi Payment Services in partnership with the National Payments Corporation of India (NPCI) in order to enable “seamless cash withdrawals”, eliminating the need to carry physical ATM cards.
UPI-ATM offers an experience that allows customers of certain banks to enjoy “QR-based cashless withdrawals”.
The National Payments Corporation of India (NPCI) Said :
“We are delighted to empower customers with this innovative and customer-friendly enhancement for ATM transactions. The launch of the ‘UPI ATM’ will mark a significant milestone in banking services by seamlessly integrating the convenience and security of UPI into traditional ATMs. This innovative concept is designed to provide quick access to cash even in remote areas of India without the need for a physical card.”
How does UPI-ATM Work?
The UPI-ATM service, also known as Interoperable Cardless Cash Withdrawal (ICCW), offers a convenient way for customers of participating banks who are using UPI to withdraw cash from any ATM that supports UPI-ATM functionality, all without the need for a physical card.
When a customer selects the ‘UPI cash withdrawal’ option at the ATM, they will be prompt to enter the desire withdrawal amount.
When the amount is enter, a unique and secure dynamic QR code will appear on the ATM screen.
To complete the transaction and obtain cash from the ATM, the customer needs to scan this QR code using any UPI app and authorize the transaction with their UPI PIN on their mobile device.
Features of UPI-ATM
- Compatible with various systems.
- Transactions without the need for a physical card.
- Transaction limit of up to ₹10,000 per transaction, same with existing UPI daily limits and issuer bank’s UPI-ATM transaction limits.
- Offers convenience by eliminating the necessity to carry an ATM card for cash withdrawals.
- Allows cash withdrawals from multiple accounts via the UPI app.
Difference between Cardless Cash Withdrawals and UPI-ATM
The current card-less cash withdrawals depend on mobile numbers and OTPs and UPI-ATM functions through QR-based UPI cash withdrawals.
UPI-ATM is available to individuals using UPI who have install a UPI application on their Android or iOS smartphones.
To do transactions, you need to have a UPI application install on their Android or iOS mobile devices.
How to Withdraw Cash from UPI-ATM?
Follow These Steps :
- Choose the amount you want to withdraw.
- The UPI QR code link to your chosen amount will be shown.
- Use your UPI App to scan the QR code.
- Input your UPI PIN to confirm the transaction.
- Collect your cash.
