With the introduction of UPI ATMs by Hitachi in India, consumers are able to get money using their UPI ID rather than a debit card. Have you ever discovered yourself in a bind and in critical need of money, only to realize you’ve forgotten your wallet or debit card at home? These scenarios are all too common. But don’t worry, there is an approach: the UPI ATM, which was recently inaugurated in India. The invention, as its title suggests, enables customers to withdraw cash from ATM machines employing their UPI ID.
Everything you need to know about UPI-ATM:
UPI-ATM is a white-label ATM that allows for withdrawals of money without using a credit card. Non-banking companies manage and own white-label ATMs. Clients of partnering banks can use their UPI wallets to get funds without needing an ATM or debit card. Users can utilize it right now at the Global Fintech Festival, and implementation in additional locations will begin in a few weeks.
On the ATM, customers must select the “UPI cash withdrawal” choice and enter the sum of money to be withdrawn. On the display, a single-use quick response code will be shown. Customers are able to examine the QR code on the display with any UPI app on their mobile devices, enter their PIN, and receive the money.
Distinct Features of UPI-ATM:
- The UPI-ATM payment cap is Rs 10,000 per transaction. This may change according to the sponsoring bank’s UPI-ATM transaction restrictions.
- Despite the OTP-based transfers now given by banks, this ATM allows for QR code-based withdrawals of money. Users can use their applications for UPI to withdraw money from numerous accounts.
- According to Hitachi Payment Services, the UPI-ATM will also remove the possibility of skimming by criminals and promote financial equality.
Innovative tech by Hitachi:
Hitachi has released the UPI-ATM. It’s similar to an ATM, but not precisely. When you withdraw money from your bank, you typically use a debit or credit card at an automated teller machine. However, you do not need an authorization card to use this new UPI-ATM. It’s powerfully known as the Hitachi Money Spot UPI ATM and it was on display at the Global Fintech Conference in Mumbai on September 5, 2023. The wonderful thing about these UPI ATMs is that you may withdraw cash from your bank without requiring a card by utilizing a specific phone software called United Payments Interface (UPI).
Final Verdict:
Many popular banks like ICICI Bank now allow you to withdraw money without using an actual card, and the UPI-ATM accomplishes the same. But there is a distinction. You use the Imobile pay application smartphone and a specific code (OTP) for cardless cash withdrawals, whereas the UPI ATM employs a code called a QR code for withdrawals of money.
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