UPI Based ATM, also known as Interoperable Cardless Cash Withdrawal (ICCW) ATMs, are ATMs that allow customers to withdraw cash without a debit or credit card. They use the Unified Payments Interface (UPI) to facilitate the transaction.
This are in testing phase you can make unlimited transactions through this ATM without using you debit cards. This system will disrupt debit card companies like Mastercard and Visa.
NPCI officials said ” this is game changing step toward new future for banking industry. This hassle free debit card idea now becomes reality. It help to boost digital payment again. “
National Payment Corporation of India is a government organization that is a parent company of UPI. NPCI launched UPI in 2017 to increase digital transactions in india.
How To Withdraw Money From UPI ATMs ?
Simply steps to withdraw cash from atms : –
- Have a UPI-enabled bank account.
- Have a UPI app installed on your smartphone.
- Go to a UPI ATM.
- Select the “UPI” option on the ATM screen.
- Scan the QR code on the ATM screen using your UPI app.
- Enter your UPI ID and PIN.
- Select the amount you want to withdraw.
- Confirm the transaction.
The cash will be out from the ATM.
UPI ATMs are a convenient way to withdraw cash without having to carry a debit or credit card. They are also more secure than traditional ATMs, as they do not require you to enter your PIN on the ATM machine.
Also Read :- Instant Trade Settlement SEBI Will Introduce in March 2024
Currently, there are only a few UPI ATMs in India. However, it is expected that more UPI ATMs will be rolled out in the coming months.
Here are some of the banks that have UPI ATMs:
- Bank of Baroda
- Canara Bank
- IndusInd Bank
- Ujjivan Small Finance Bank
- City Union Bank
- Central Bank of India
- YES Bank
- The Mehsana Urban Co-operative Bank
You can check the availability of UPI ATMs near you by visiting the NPCI website or the website of your bank.
How UPI Based ATM Works ?
Users need to select the “UPI cash withdrawal” option on the ATM and select the amount to be withdrawn. A single-use QR code will be displayed on the screen. Users can then scan the QR code on the screen from any UPI app on their phones, input their pin, and get the cash.
Key features
Currently the withdrawal limit for UPI Based ATMs is upto Rs 20,000 per transaction. This could vary depending on limits set by the issuer bank for UPI-ATM transaction.
Less time consuming because you know need to enter you upi pin to get cash simply open any upi apss and do transaction.
More secure because your upi app can’t be stolen but your ATM cards can by stolen robbers or lost by you in that case you need to close that ATM other wise you money is withdrawal by others. due to upi integration this can never happen.