India's first UPI-ATM launched: All you need to know
economictimes.indiatimes.comIndia (NPCI) at the Global Fintech Fest in Mumbai on Tuesday, to enable customers to withdraw cash without a debit or credit card.
United Payments Interface, or UPI, is a mobile payment method operated by NPCI that allows the transfer of funds from one bank account to the other, instantly and for free.
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Offering CollegeCourseWebsiteIndian School of BusinessISB Product ManagementVisitIndian School of BusinessISB Digital Marketing and AnalyticsVisitIndian School of BusinessISB Digital TransformationVisitIndian School of BusinessISB Applied Business AnalyticsVisit«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 the remote areas of India without the need for a physical card,» NPCI said.
Here's all you need to know about the new ATM.
What is a UPI ATM?
UPI-ATM is a white label ATM that facilitates cardless cash withdrawals. White label ATMs are owned and operated by non-banking entities. Customers of participating banks can use it to withdraw cash without an ATM or debit card, using their UPI accounts.
Customers can use it at the Global Fintech Fest for now, and deployment at other locations will start in a few months.
How does it work?
Users need to select the «UPI cash withdrawal» option on the ATM and select the amount to be withdrawn.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
The withdrawal limit for the UPI-ATM is Rs 10,000 per transaction.
