UPI is a safe 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 safe and convenient way to withdraw cash
Hitachi Payment Services (HPS) has launched the first UPI ATM in India, in collaboration with the National Payments Corporation of India (NPCI). The new ATM allows customers to withdraw cash without a debit card, using the Unified Payments Interface (UPI) app on their smartphone.
To use UPI-ATM, users simply need to select the “UPI Cash Drawal” 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 have to enter their UPI PIN to confirm the transaction.
The UPI ATM is a safe and convenient way to withdraw cash, as it eliminates the need to carry a debit card. It’s also more of a 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 a UPI enabled ATM.
- Select the “UPI Cash Withdraw” 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.
- Cash will be withdrawn from the ATM.
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Note: The maximum amount you can withdraw per transaction is Rs.10,000. This is part of the existing UPI daily limit and as per the limits set by the issuing bank for UPI-ATM transactions. |
Here are some things to keep in mind while using UPI-ATM:
- Make sure you have the UPI app installed on your smartphone.
- To use UPI-ATM you must have an active internet connection.
- ATM must be UPI enabled.
- The UPI app you use must be linked to the bank account from which you want to withdraw cash.
- You will need to enter your UPI PIN to authorize the transaction.
The launch of UPI-ATM is a significant development in the Indian payments landscape. This is a sign of the growing popularity of UPI, which is now the most popular payment method in India. The UPI ATM is also a boost to the government’s efforts to promote a cashless society.
Categories: Trends
Source: newstars.edu.vn