New update of QR scanning with bank accounts will provide the users an option to withdraw cash Automated Teller Machines with simple scan. The new service is operated by AGS Transact Technologies providing ATM services to the banks. The solution of this new system is to offer easy withdrawal of cash through Unified Payment Interface (UPI).
The UPI enable cash service do not need any kind of special sign on platforms or application downloading process to enable the option. An account holder should subscribe to the mobile application which has an UPI enabled mode for such easy transaction payment.
With the help of a QR code the payment can be made. It is a kind of replacement for paying goods and services that transfers the money to the ATM deploying banks and in turn it releases the cash to the machine. The company that developed this program has already approached many banks. The sources informs that the banks are pretty much excited about the new UPI interface payment system. The service is waiting for the approval of National Payments Corporation of India (NPCI) that controls the transaction between ATM networks and UPI platforms in India. UPI is always a secure mode of transacting money in the form of QR scanning said one of the officials of AGS Technologies.
A small change to the ATM software is all needed for incorporating this new system for all the users connected to the bank accounts. The banks or the infusing party doesnt need any kind of new hardware introduction or investment to update the service. The new option is far superior to its peer technologies dealing with card-less ATM withdrawals.
Like the credit card payments the new system uses the UPI 2.0 version including the classification of recipients against the merchant codes. UPI platform woks largely on this kind of peer to peer payment methods picking up merchant transactions. It witnessed a transaction of saw 52 crore with a total value of Rs 82,232 crore in the month of November, 2018.