Exploring the UPI ATM Experience No More Debit Cards?
Have you ever wondered if those plastic debit cards will become a thing of the past? Well, you might not need to wonder anymore because UPI payments are shaking things up in the world of banking. Just recently, a friend of mine boldly claimed that traditional ATMs would soon be extinct, and I couldn’t help but wonder if they were onto something. The UPI revolution has indeed been sweeping the nation, and it seems that ATMs might be next in line to evolve.
But guess what? It seems like the same technology that brought the inconvenience is now getting the solution! Just as we were pondering the end of ATMs, a new player entered the scene – the UPI ATM machine. Yes, you read that right, folks! India’s first UPI ATM has arrived, and it’s here to make your cash withdrawals easier and cardless.
Let’s break it down for you in simple terms:
How Does It Work?
The National Payments Corporation of India (NPCI), the organization that oversees UPI, has teamed up with Hitachi Payment Services to launch the UPI ATM. This innovative machine allows you to withdraw cash without the need for a debit or credit card – it’s like magic!
This UPI ATM was apparently unveiled at the Global Fintech Fest 2023 in Mumbai on September 5. The speed at which India is digitising financial services & making them consumer-centric as opposed to corporate-centric (Alarm bell for credit card companies?) is simply dazzling.… pic.twitter.com/krBXhbc9Qh
— anand mahindra (@anandmahindra) September 7, 2023
You can withdraw up to Rs 10,000 in a single transaction using this UPI ATM. That’s right; no more fumbling with your debit card and worrying about whether you have enough cash.
Say Hello to QR Codes:
To make a withdrawal, you’ll need to use a QR code. Don’t worry; it’s easier than it sounds.
- Select the Amount: First, choose how much money you want to withdraw. You can select preset amounts like 100, 500, 1000, 2000, or 5000. If you need a different amount, just click on “Other Amount.”
- QR Code Generation: A QR code will pop up on the screen after you’ve entered your chosen amount. This is where the magic happens!
- Scan and Confirm: Open your UPI app on your smartphone, like BHIM or Google Pay, and scan the QR code. Make sure you select the bank account from which you want to withdraw money.
- Enter UPI PIN: Confirm the transaction by entering your UPI PIN, and voila! The ATM machine will dispense your cash.
This process is known as cardless withdrawal and is as simple as it sounds. You can now get your cash without the hassle of carrying around a debit card.
And here’s the exciting part – you can do this even with your trusty debit card! Yes, you read that correctly. You can withdraw money from the ATM without your debit card. So, whether you prefer the traditional way or the modern UPI method, your cash is always within reach.
The UPI ATM Withdrawal Machine debuted at the Global Fintech Fest in Mumbai, and soon, around 700 more machines will be installed across the country as part of a pilot project. So, even though it may take a little time for these machines to become commonplace, the future of banking looks cardless and convenient.
So, don’t worry if you can’t find your debit card or if you’ve fully embraced the UPI wave – the UPI ATM machine is here to make your life easier. Say goodbye to the old days of ATM cards and hello to a cash withdrawal experience that’s quick, easy, and cardless!