NPCI (National Payment Corporation of India) is continuously making efforts to ease the payment system in India. Now, in the Global Fintech Fest 2023 held in Mumbai on 5th September 2023, Hitachi Payment Service, a subsidiary of Japan-based Hitachi has launched UPI ATM with NPCI.
Now, you do not need to carry your Debit/ATM card in your wallet every time to withdraw cash from an ATM. Withdrawing cash from UPI ATM is a very easy task after UPI ATM. You don’t need to open your mobile banking app also for withdrawal of cash using UPI-ATM. UPI ATM will allow customers to withdraw cash from ATM machines without using their debit card or without using their mobile banking application also. A UPI-ATMallow you to withdraw cash from your bank account with help of UPI (Unified Payment Interface).
How to Withdraw Cash from UPI-ATM?
Here is the step-to-step guide on how to withdraw cash using Hitachi Money Spot UPI ATM.
- Select the amount you need to withdraw from UPI ATM.
- As you select the amount of your choice, a QR code will be displayed on UPI ATM machine screen.
- Then, Open your UPI app in your mobile phone and scan the QR code on UPI ATM.
- Next, enter your UPI PIN to authorise the transaction.
- Once the transaction is authorise, the UPI ATM will start disbursing the cash from ATM.
How UPI-ATM will be different from Cardless cash withdrawals?
Almost every bank offer cardless cash withdrawal service or withdraw cash without using debit card by using their mobile bank applications. For example you can withdrawal cash from SBI ATM without using SBI Debit card by using SBI YONO App. But it requires more time to open mobile application in your mobile phone and you have to enter the code displayed in bank app in the atm.
Sometime in remote area mobile banking does not work due to low network or sometime bank server is not working. In this type of situation UPI-ATM will be a great solution for the users. You only need to scan the QR code like you are scanning while payment of any bill on shops, booths, or any where. After scanning the QR code the cash will be in your hand in just few seconds.
Who Can Use UPI-ATM?
Any person who are using UPI application in their mobile phone can make use of UPI-ATM for cash withdrawal. The customer only should have the UPI app in their Android or IOS mobile phone.
Hitachi Money Spot UPI ATM is White Label ATM which is being operated by non-banking institutions. However, the deployment of more ATM’s like will start soon all over the country.
The UPI-ATM service eliminate the risk of card ‘skimming’ by fraudsters. It will enable people to fulfill their financial needs where traditional banking infrastructure and card penetration is limited.
Also read: UPI Transaction Charges
Nupur Tanan
"Nupur Tanan" works at Financewisdom.in. She has experience in writing a vast range of varied content. She write knowledgeable, well-researched, and engaging articles on various personal finance and banking related topics.