Unified Payments Interface (UPI) is the fastest growing payment method in the country for instant money transfer through mobile devices. Until now, one could withdraw money from an ATM using ATM cards. A debit card is no longer required to withdraw funds. Simply scan the ATM's QR code using UPI. The cash will be in your hands instantly.
'UPI ATM', a cardless cash withdrawal feature, was showcased for the first time at the Global FinTech Fest in Mumbai on Tuesday. This is India's first UPI ATM, reducing the need for people to pick up their card every time they go to an ATM. Netizens have hailed this new feature as a 'game changer'.
On Thursday Union Minister Piyush Goyal shared a related video on microblogging site X. In the video FinTech influencer Ravisutanjani shows how he got money from an ATM using UPI. Also Read: Gita Application To Spread The Principles Of Bhagavad Gita At G20 Summit!
Ravisutanjani, who originally posted the video, first clicks on the UPI Cardless Cash option shown on the ATM screen. Then they enter the amount they want to get. In this case the QR code will appear on the ATM screen. They then scan the QR code using the Bheem app. Then enter their UPI PIN. After this they collect the money.
Goyal shared a video by Ravisutanjani titled 'UPI ATM: The Future of FinTech is Here!' Wrote that. This special ATM is developed by National Payments Corporation of India. and run by NCR Corporation
A UPI ATM works just like a regular ATM. Charges may apply if funds are withdrawn beyond the permitted free usage limit. It is currently only available on the Bheem UPI app. It is likely to be used in other applications like Google Pay, Phone Pay and Paytm soon. This service is not yet publicly deployed. It is likely to be rolled out in a phased manner.