No Debit Card Needed: UPI ATM Offers Easy Cash Withdrawals
Posted on: 07/Sep/2023 2:02:05 PM
Ever found yourself in a cash crunch with no wallet or debit card in sight? Well, those days of worry are over, thanks to the newly launched UPI ATM in India. As the name suggests, this groundbreaking innovation allows users to withdraw money from ATMs using their UPI IDs.
Hitachi has introduced the "Hitachi Money Spot UPI ATM," which is changing the way we interact with ATMs. Traditionally, accessing cash from your bank required a debit or credit card, but this UPI ATM eliminates the need for a physical card.
The unveiling of this technological marvel took place at the Global Fintech Fest in Mumbai on September 5, 2023. The UPI ATM is making waves because it enables users to withdraw money from their bank accounts using a special phone app called United Payments Interface (UPI), bypassing the need for a physical card.
Here`s how the UPI ATM works:
Select Your Withdrawal Amount: To begin, decide the amount of money you want to withdraw from the ATM. This is the exact sum you will receive in cash.
QR Code Display: After selecting your desired amount, the ATM will display a unique QR code on its screen. This QR code represents the chosen withdrawal amount.
UPI App Scan: To initiate the withdrawal process, you must use a mobile phone app that supports UPI, which could be one of the apps already installed on your device.
Scan the QR Code: Open your UPI app and use it to scan the QR code displayed on the ATM screen. This step informs the ATM of the amount you wish to withdraw.
Security PIN: To ensure a secure transaction, you`ll be prompted to enter a special PIN within your UPI app. This PIN serves as a confidential authorization code known only to you, allowing the ATM to dispense the requested cash.
Cash Withdrawal: After successfully entering the correct PIN and authorizing the transaction, the ATM will begin dispensing the cash you requested. Your money is now ready for you to use as needed.
While many banks already offer cardless cash withdrawal using mobile apps and one-time passwords (OTPs), the UPI ATM takes it a step further by using QR codes for cash withdrawals. This innovative approach promises convenience, security, and a glimpse into the future of banking in India.
