The Unified Payments Interface (UPI) or popularly known as UPI is one of the most used digital payments system in the country.
Now in another breakthrough, UPI ATM, which allows cardless cash withdrawal, was demonstrated at the Global Fintech Fest which is taking place in Mumbai.
A video shows FinTech influencer Ravisutanjani dispensing cash from the UPI ATM has also surfaced.
Taking to Twitter, Ravisutanjani said, "ATM Cash Withdrawal using UPI. Today I Made a Cash Withdrawal using UPI at Global FinTech Fest in Mumbai. What an Innovative Feature for Bharat."
At present, the feature is available only on the BHIM app.
Business tycoon Anand Mahindra has also commented on the UPI ATM.
The ATM has been deployed by the National Payments Corporation of India, powered by NCR Corporation.
The Mahindra Group chairman said, "His UPI ATM was unveiled at the Global Fintech Fest 2023 in Mumbai on September 5. The speed at which India is digitising financial services & making them consumer-centric as opposed to corporate-centric (Alarm bell for credit card companies?) is simply dazzling. (I just have to make SURE I don’t misplace my cellphone!".