The Unified Payments Interface (UPI), used for immediate money transfers through mobile devices, has become the fastest-growing payment mode in the country.
Now, cardless cash withdrawals might just become a reality in India. On Tuesday, a revolutionary UPI ATM that offers cardless cash withdrawals was showcased for the first time at the ongoing Global Fintech Fest in Mumbai.
Dubbed ‘India’s first UPI ATM’, the need to carry physical ATM cards might soon be history due to this ”game changer.’
On Thursday, Union Minister Piyush Goyal posted a video on X, that showed a fintech influencer, demonstrating how to withdraw cash from using the UPI ATM. Mr Goyal wrote, ‘UPI ATM: The future of fintech is here!’
When one first clicks on the UPI cardless cash option displayed on the screen, one is prompted to enter the desired withdrawal amount. Once the amount is entered, a QR code appears on the ATM screen.
One then scans the QR code using the BHIM app and enters one’s UPI PIN.
One can collect the cash shortly after.
The unique ATM has been developed by the National Payments Corporation of India and powered by NCR Corporation.
The new UPI ATM is currently supported on the BHIM UPI app, but it will soon be live on other apps like Google Pay, PhonePe, and Paytm.
The technology is not publicly deployed yet but is being rolled out in phases.
Recently, UPI achieved a remarkable milestone in India by crossing 10 billion transactions in a month.