India’s first UPI ATM: How will it’s completely different from cardless money withdrawals

India’s first UPI ATM: The Unified Payments Interface (UPI) has been the fastest-growing fee mode within the nation and accounts for greater than 50% of digital transaction volumes. After revolutionising India’s digital fee system, now nation’s first UPI ATM was launched on Tuesday. Hitachi Payment Services has launched ‘the nation’s first-ever UPI-ATM as a White Label ATM (WLA) in affiliation with National Payments Corporation of India (NPCI),

“ This novel providing empowers any financial institution buyer to expertise the comfort of QR-based UPI money withdrawals,” Sumil Vikamsey MD and CEO – Cash Business Hitachi Payment Services mentioned.

National Payments Corporation of India (NPCI), mentioned, “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. “

The UPI-ATM gives a seamless and safe money withdrawal course of. 

Steps to withdraw money from India’s first UPI ATM

-Select the specified withdrawal quantity.

-The UPI QR code similar to the chosen quantity might be displayed.

-Scan the QR code utilizing your UPI app.

-Enter your UPI PIN to authorize the transaction.

-Collect your money.

How is it going to be completely different from cardless money withdrawals provided by banks?

At current, card-less money withdrawals depend on cellular numbers and OTPs, whereas UPI-ATM operates by QR-based UPI money withdrawals. UPI-ATM is accessible to UPI customers who’ve a UPI software put in on their Android or iOS gadgets. 

Users should have a UPI software put in on both their Android or iOS smartphones to carry out transactions. 

A 100% subsidiary of Hitachi Ltd., Hitachi Payment Services is a pioneer within the fee trade in India, providing a complete vary of fee options.

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Updated: 06 Sep 2023, 01:58 PM IST