Now that UPI ATMs are available, you can withdraw cash without a debit card.
With the introduction of UPI ATMs by Hitachi in India, users can now withdraw cash without using a debit card thanks to the concept of “Cardless Cash.”
Have you ever been in a tight spot where you were in desperate need of cash only to discover that you had left your wallet or debit card at home? Well, these circumstances are all too common. But fear not, as a solution has recently been introduced: the UPI ATM, which was just introduced in India. As the name suggests, this invention enables users to use their UPI ID to withdraw cash from ATMs.
Hitachi has unveiled the UPI-ATM, according to an ET report. It resembles an ATM, but it’s a little different. In most cases, using a debit or credit card at an ATM is how you withdraw money from your bank. You don’t need a card with the new UPI-ATM, though.
The Global Fintech Fest in Mumbai, which was held on September 5, 2023, featured the “Hitachi Money Spot UPI ATM,” which was displayed to attendees. The cool thing about these UPI ATMs is that instead of using a card, you can withdraw money from your bank using a specialized phone app called United Payments Interface (UPI).
The UPI ATM can be used in the manner described here.
Decide how much cash you want to withdraw from the ATM first, before anything else. You will be paid this sum in cash.
1.The ATM will display a unique code on its screen after you’ve selected the amount. This code, known as a QR code, represents the amount you chose.
2. Use a mobile phone app that supports UPI (United Payments Interface) to force the ATM to give you the money. You might already have one of these apps on your phone.
3. Once the UPI app has been launched, you’ll need to use it to scan the QR code that is visible on the ATM’s screen. This process aids the ATM in determining how much cash you wish to withdraw.
4. In your UPI app, you will be prompted to enter a unique PIN in order to ensure the transaction’s security. Similar to a secret code, only you should be aware of this PIN. By doing so, you give the ATM permission to give you the money.
5. The ATM will start dispensing the money you requested once you have entered the proper PIN and authorized the transaction. Now that you have your money, you can use it however you see fit.
Many banks currently allow cash withdrawals without the use of physical cards, and the UPI-ATM operates in a similar manner. There is a distinction, though. The UPI ATM uses QR codes for cash withdrawals, whereas cardless cash withdrawals require only your mobile device and a unique code (OTP).
Due to how easily and securely UPI can be used, the UPI-ATM represents a significant advancement in banking. You can now quickly access your money without a physical card, even in remote areas of India, thanks to this clever idea. The National Payments Corporation of India claims as much.