UPI ATM Launch: Withdraw Money without using a Debit Card

Have you ever found yourself in a tight situation, desperately needing cash, and realized you left your wallet or debit card at home? Well, these situations are all too familiar. But don't worry, because now there is a solution - UPI ATM, recently launched in India. As the name suggests, this innovation allows users to withdraw money from ATMs using their UPI ID.

According to the ET report, Hitachi introduced the UPI-ATM. It's like an ATM but a little different. Usually, when you want to withdraw money from your bank, you use a debit or credit card at an ATM. But with this new UPI-ATM, you don't need a card.

They called it "Hitachi Money Spot UPI ATM," they showed it to people at the Global Fintech Fest in Mumbai on September 5, 2023. The good thing about these UPI ATMs is that you can withdraw money from your bank using a unique phone app called United Payments Interface (UPI) instead of a card.

How to use the UPI ATM

–To start, the first thing you should do is decide how much money you want to withdraw from the ATM. This is the amount you will receive in cash.

–The ATM will show a unique code on its screen once the amount has been chosen. This code is called a QR code and represents the quantity you selected.

–For the ATM to give you the money, you must use a mobile phone application that supports UPI (United Payments Interface). This app could be any of the ones you already have on your phone.

–Once you have opened the UPI app, you must use it to scan the QR code displayed on the ATM screen. This step helps the ATM understand how much money you want to withdraw.

–To ensure the transaction is secure, you must enter a unique PIN into your UPI application. This PIN is like a secret code that only you should know. By entering it, you authorize the ATM to deliver the money.

–After you have entered the correct PIN and authorized the transaction, the ATM will begin giving you the cash you requested. Now you can take your money and use it for whatever you need.

Many banks allow you to withdraw money without a physical card, and the UPI-ATM does the same. But there is a difference. With cardless cash withdrawal, you use your mobile phone and a unique code (OTP), but UPI ATM uses QR codes for cash withdrawals.

The UPI-ATM is a big step in banking because it combines the ease and security of UPI with regular ATMs. This clever idea means you can get money quickly, even in far-flung parts of India, without needing a physical card. That is what the National Payments Corporation of India says about it.