WATCH | This ATM enables cash withdrawals using UPI; Here's how-

In yet another boost to Digital India, a new innovation that further boosts that mission has come to light. Developed by NPCI and powered by NCR Corporation, cash withdrawals can be made using UPI without needing a debit card at all. This came after a FinTech influencer shared a video of the development that took place at Global FinTech Fest in Mumbai and went viral on social media.

  

In a video shared by Ravisutanjani on X (formerly Twitter), the FinTech influencer can be seen showing how cash withdrawals can be made from an ATM using UPI. The video has been taken of a machine specially designed to withdraw cash via UPI, which has been demonstrated at the Global FinTech Fest in Mumbai. This technology is not publicly deployed yet, but it is being rolled out in phases.

 

This innovation will lead to seamless transactions and bolsters ease of banking through a smartphone.

 

 

 

The new UPI ATM is currently supported by the BHIM UPI app. It will act as just a regular ATM, transacting with which will be counted as TM Withdrawal and charges may get applied beyond the allowed free usage limit.

 

 

According to the viral video, withdrawing cash using a UPI ATM can be done in the below given simple steps.

 

1. Click on "UPI Cardless Cash" displayed on the machine.

 

2: Select the denomination from the options given such as 100, 500, 1000, 2000 or 5000.

 

3: Once the amount is selected, a QR code will be displayed on the screen, so scan it using BHIM UPI

 

4: Confirm the prompt on BHIM UPI to "Withdraw the cash".

 

5: Enter your PIN and a confirmation message will be displayed on the phone.

 

By following these simple steps, the UPI ATM will dispense the amount in cash. Users can also select the desired amount instead of the preset denominations by selecting "Other Amount" in the second step.