UPI-ATM, India: The Future of Fintech Is Here!
India’s first-ever UPI ATM has been introduced by Hitachi Payment Services recently, in association with the National Payments Corporation of India (NPCI). The white label ATM (WLA), a video of which went viral in which a person was making a cardless cash withdrawal through UPI-ATM, offers secure cardless cash withdrawals and eliminates the need for physical cards.
The Unified Payments Interface (UPI), used for immediate money transfers through mobile devices, has become the fastest-growing payment mode in the country. Dubbed ‘India’s first UPI ATM’, the new feature eliminates the need to carry physical ATM cards and is hailed by internet users as a ”game changer.”
UPI-ATM: A Step-By-Step Guide
Step 1: On the screen of the UPI-ATM, click on ‘UPI Cardless Cash’.
Step 2: Several fastcash options will be shown — 100, 500, 1,000, 2,000, and 5,000. Choose the option as per your need.
Step 3: A QR code will be displayed. Now, open your UPI app like GPay, PhonePe or any other UPI app and scan the code and approve the payment.
Step 4: Now, ‘Confirm To Withdraw Cash’ will be displayed. Click on ‘Proceed’.
Step 5: Enter your UPI PIN.
Now, the cash will be dispensed from the UPI-ATM or WLA.
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.
In the video, Mr Ravisutanjani, who originally posted the video, first clicks on the UPI cardless cash option displayed on the screen and is prompted to enter the desired withdrawal amount. Once the amount is entered, a QR code appears on the ATM screen. He then scans the QR code using the BHIM app and enters his UPI PIN. He collects the cash shortly after.
The unique ATM has been developed by the National Payments Corporation of India and powered by NCR Corporation. The UPI ATM will act as just a regular ATM, and charges may be applied beyond the allowed free usage limit.
The withdrawal limit is Rs 10,000 per transaction. The new UPI ATM is currently supported on the BHIM UPI app, but it will soon be live on other apps like Google Pay, PhonePe, and Paytm. The technology is not publicly deployed yet but is being rolled out in phases.
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