The Unified Payments Interface (UPI), a technology facilitating swift mobile-based money transfers, has emerged as the fastest-growing payment method in India. At the Global Fintech Fest in Mumbai, a cutting-edge UPI ATM, described as 'India's first', was unveiled, revolutionising cash withdrawals by eliminating the need for physical ATM cards. Internet users have lauded this development as a game-changer.
Union Minister Piyush Goyal shared a video on X (Formerly Twitter) stating, "UPI ATM: The future of fintech is here!." The video showcases FinTech influencer Ravisutanjani demonstrating the cash withdrawal process using UPI.
In the video, Ravisutanjani initiates the process by selecting the UPI cardless cash option on the ATM screen, then specifies the desired withdrawal amount. Subsequently, a QR code appears, which is scanned using the BHIM app, followed by entering the UPI PIN. The transaction is then authorised, and the cash is collected.
This innovative ATM has been engineered by the National Payments Corporation of India and powered by NCR Corporation. It functions like a standard ATM, and usage charges may apply beyond the free usage limit. Presently, the UPI ATM is accessible through the BHIM UPI app, with plans to integrate it into other apps like Google Pay, PhonePe, and Paytm.
While the technology is currently in a phased rollout and not yet publicly deployed, it marks a significant step in modernising India's payment landscape.
Here are five steps for cash withdrawal from a UPI ATM:
- Select the "Cardless Cash" option.
- Choose the desired withdrawal amount.
- Scan the QR code using your UPI app.
- Enter your UPI PIN to authorize the transaction.
- Collect your cash.
Recently, UPI celebrated a major milestone, surpassing 10 billion transactions in a single month. August witnessed an all-time high of 10.58 billion UPI transactions. A spokesperson from the National Payments Corporation of India affirmed the nation's potential to achieve a staggering 100 billion UPI transactions monthly.