Cardless UPI ATM Unveiled
UPI ATM has been unveiled. This is the first ever of such ATMs. The hassles of carrying ATM cards can now be done away with. Money can be withdrawn using UPI platform.
The UPI ATM was launched at the Global Fintech Fest on September 5 by Hitachi Payment Services with the National Payments Corporation. The Hitachi Money Spot ATM, does not need any debit or credit card to withdraw money. The Hitachi Money Spot ATM is a White label ATM (WLA). WLA’s are ATM’s which are operated by a non-bank entity with the National Payments Corporation of India.
The difference in the cardless withdrawal and UPI ATM withdrawals is that, UPI ATM is based on QR code withdrawals. Cardless withdrawals usually use OTP’s. Anybody who has registered with UPI and an android or iOS phone can use this ATM. Moreover, to access this, the banks with which the customer has an account should be live on the UPI interface to allow the transaction. The ATM should also allow the interoperable facility.it is said that, more of such ATM’s would be rolled out.
On the launch of UPI ATM, NPCI said that this would be a significant advancement in the banking services. The traditional will be merged with the advanced services with this as, the secure and convenient features are being clubbed. With this,
How to use the UPI ATM machine:
1. Go to UPI cardless cash button
2. Choose the amount of money to be withdrawn from the screen
3. The QR code would pop on the screen
4. Open the supported UPI app on your phone
5. Scan the QR code
5. Select the bank account
6. Type in your UPI pin on the phone when prompted
7. The ATM would dispense the cash
8. The transaction and confirmation messages would appear on the phone.
The UPI-only White Label ATM significantly enhances customer security by eliminating the need for physical cards, a statement from the Hitachi Payment Services said.
“The Hitachi Money Spot UPI ATM would provide customers a unified and secure user experience while offering them the convenience of card-less cash withdrawals. Furthermore, it will drive financial inclusion by facilitating easy access to banking services in areas where traditional banking infrastructure and card penetration is limited,” it added.
