India's First Cardless UPI-ATM: A Revolution in Fintech
Cardless cash withdrawal using UPI-ATM has been a groundbreaking innovation in India's financial technology sector. Although earlier the option of cardless withdrawal was available through ATMs, now people can make cardless withdrawals using UPI. I always keep my debit card in my wallet, so I can withdraw money immediately. Now I can leave my card at home or use UPI interface to withdraw money when needed if I forget to carry it. Although I have not used it yet, a video of a person making cardless withdrawing through a UPI-ATM has become popular on social media. Hitachi Payment Services launched this impactful innovation with the help of National Payments Corporation of India (NPCI) during the Global Fintech Fest in Mumbai. Withdrawals using UPI-ATM will be safe and comfortable. This unprecedented innovation came into limelight after Union Minister Piyush Goyal endorsed it on social media.
Ravi Sutanjani, a fintech enthusiast, created a featured video in which he plays himself and demonstrates how to make a cardless withdrawal from an ATM using the UPI interface. These innovations have the potential to transform the financial landscape. Everyone keeps their debit card with them so that they can withdraw money from the ATM when needed. Now this will be possible without debit card. Even if someone accidentally forgets to carry a debit card, he will still be able to withdraw money from the ATM. It is possible that in future the need for debit card for withdrawing money will be eliminated.
As per Sutanjani's video demonstration, you have to click on the screen labeled "UPI Cardless Cash". On the next screen select your desired withdrawal amount i.e. Rs 100, Rs 500, Rs 1,000, Rs 2,000 and Rs 5,000. As soon as you select the amount, a QR code will appear on the screen, which you have to scan using the UPI app and select the bank account from which you want to withdraw the amount, after that you have to enter the UPI PIN. The selected amount will be withdrawn from the ATM immediately after completing the transaction.
Sutanjani uploaded the video on her social media account. The video immediately garnered over 2.2 million views, indicating the growing interest and enthusiasm among viewers for this new technology.
UPI-ATM is a white-label ATM that will allow customers of participating banks to withdraw cash without using a physical debit card. This technology is trying to revolutionize the way you withdraw cash from ATMs. White-label ATMs are specific types of ATMs that are not controlled or owned by traditional banks. They are owned by non-bank institutions. White-label ATMs can be installed in a variety of locations, even in areas where traditional banks do not have any ATMs, as they are not tied to a specific bank. Unlike traditional banks, white-label ATMs offer people an additional way to withdraw cash.
However, people can withdraw cash without a physical debit card using UPI-ATM, but only up to Rs 10000 in a single day and this limit comes under the existing UPI daily transaction limit. Apart from the UPI daily transaction limit, individual banks may also set their own specific UPI transaction limits for their customers. UPI-ATMs follow the transaction limits set by the individual bank. This means that transactions through UPI-ATM are absolutely secure. Using this, customers can easily withdraw cash from ATM even without a physical debit card.
Although this service can be availed by anyone whether they are Android users or iPhone users, currently it will serve only those who live in Mumbai. However, UPI-ATMs will be installed across the country in the coming months, and then everyone will be able to use their UPI interface to withdraw cash safely and easily without using a physical debit card.
The introduction of cardless UPI-ATM in India is being seen as a major advancement in the world of fintech. Although cardless service is already available in State Bank of India, I cannot tell about other banks. This innovation has helped make financial transactions more convenient and secure for millions of people. With the help of UPI app installed on mobile device, you can easily make cardless cash withdrawal from ATM. This innovation also supports the government's desires for a digital and cashless economy.
The introduction of UPI-ATM provided convenience to people in withdrawing cash, especially for those who do not carry physical debit cards with them or forget them at home or do not have access to debit cards. In such a situation, UPI-ATM will prove to be very useful for them. The arrival of this innovation also shows that India wants to adopt advanced technology in the financial space. Digital India is a dream of the Government of India which seems to be coming true with this innovation.
People have liked UPI-ATM technology very much. Everyone is giving extremely positive feedback towards this technology. I can understand this reaction very well because as soon as my nephew saw this video, he was the first to tell me this news. He was looking very happy. This development in financial technology is going to change the financial landscape of India. In the coming few months, people will be using the UPI interface more to withdraw cash from ATMs rather than physical debit cards. It is believed that with this new technological development, withdrawing cash from ATM will become easier and safer than before.
Posted Using LeoFinance Alpha