UPI is a secure and convenient way to make payments in India. You can now use UPI to withdraw cash from an ATM without a debit card. Here’s how to do it.
UPI-ATM: A Secure and Convenient Way to Withdraw Cash
Hitachi Payment Services (HPS) has launched India’s first UPI-ATM, in association with the National Payments Corporation of India (NPCI). The new ATM allows users to withdraw cash without a debit card, using the Unified Payments Interface (UPI) app on their smartphone.
To use the UPI-ATM, users simply need to select the “UPI Cash Withdrawal” option on the ATM screen, enter the amount they want to withdraw, and scan the QR code displayed on the ATM screen using their UPI app. They will then need to enter their UPI PIN to confirm the transaction.
The UPI-ATM is a secure and convenient way to withdraw cash, as it eliminates the need to carry a debit card. It is also a more contactless option, which is important during the COVID-19 pandemic.
UPI ATM: The future of fintech is here! 💪🇮🇳 pic.twitter.com/el9ioH3PNP
— Piyush Goyal (@PiyushGoyal)
September 7, 2023
How To Withdraw Cash from an ATM Using UPI?
UPI-ATM allows you to withdraw cash from your bank account using the Unified Payments Interface (UPI) app on your smartphone. Here’s how it works:
- Go to an UPI-enabled ATM.
- Select the “UPI Cash Withdrawal” option on the ATM screen.
- Enter the amount you want to withdraw.
- The ATM will display a QR code.
- Scan the QR code using your UPI app.
- Enter your UPI PIN and confirm the transaction.
- The cash will be dispensed from the ATM.
Note: The maximum amount you can withdraw per transaction is Rs 10,000. This is part of the existing UPI per day limit and as per the limits set by the Issuer Bank for UPI-ATM transactions. |
Here are some things to keep in mind when using UPI-ATM:
- Make sure you have a UPI app installed on your smartphone.
- You need to have an active internet connection to use UPI-ATM.
- The ATM must be UPI-enabled.
- The UPI app you are using must be linked to the bank account you want to withdraw cash from.
- You will need to enter your UPI PIN to authorize the transaction.
The launch of the UPI-ATM is a significant development in the Indian payments landscape. It is a sign of the growing popularity of UPI, which is now the most popular way to make payments in India. The UPI-ATM is also a boost to the government’s efforts to promote a cashless society.
Categories: Trends
Source: vcmp.edu.vn