At the Global Fintech Fest 2023, a UPI ATM was unveiled that will allow users to withdraw money using UPI. This means that you no longer need to carry your ATM card with you to withdraw cash. This is a major advancement for UPI, and it is one of the most significant fintech developments in recent years.
No other country has such a wonderful payment system as India's UPI. At the Global Fintech Fest 2023, it was showcased how to withdraw money from a UPI ATM.
First, let's know what an UPI ATM is and how does it work. The UPI ATM will users to withdraw money using Phonepe, Google Pay, BHIM and other supporeted UPI apps to withdraw money.
Hitachi Payment Services unveiled India's first UPI ATM at the Global Fintech Fest. This ATM marks a significant shift in the realm of banking services, as it makes it possible for users to withdraw cash without having to carry their ATM cards.
UPI ATM: The Future of ATMs
The video below demonstrates how to withdraw cash from a UPI ATM.
UPI ATM: The future of fintech is here! 💪🇮🇳 pic.twitter.com/el9ioH3PNP
— Piyush Goyal (@PiyushGoyal) September 7, 2023
How Does it Work?
As per the video, it was demonstrated how to withdraw cash from a UPI ATM. You need to have an UPI app like PhonePe, Google Pay, BHIM, or any other supported app. Here are the steps to withdraw cash from a UPI ATM:
- Find ATM: On ATM screen, you wil see "UPI cardless cash" option
- Enter the Amount: Tap on the amount you want to withdraw or you can enter a custom amount. Once you enter the amount, the ATM will display a QR code on the screen.
- Scan the QR Code: You need to scan the QR code using supported UPI apss such such as PhonePe, BHIM, Google Pay and others. Open one of the supported UPI apps on your phone.
- Select the bank account:Scan the QR code and select the bank (if you have multiple bank accounts linked to the same number, you can select your preferred bank).
- Confirm transaction: Click ❝Confirm❞. The app will show you that you are withdrawing cash and the amount on your phone screen (which means it's not a peer-to-peer transaction).
- Complete transaction: Click ❝Proceed❞ and enter your UPI PIN.
- Bingo! Your cash is dispensed from the machine.
UPI is one of the most significant fintech developments in India. It has made online payments a breeze, and now it can also help us withdraw cash electronically. This is truly amazing!