WATCH how you can withdraw cash from ATM using UPI

Soon, you can pull out cash from an ATM using Unified Payments Interface (UPI). Also, you won’t be needing physical card to withdraw cash at these money dispensing machines. Union Minister Piyush Goyal shared a video on X in which a FinTech influencer, Ravisutanjani, could be seen demonstrating how to withdraw money from an ATM using UPI. “UPI ATM: The future of fintech is here!” wrote Goyal alongwith the video he posted on X.

UPI ATM: The future of fintech is here! 💪🇮🇳 pic.twitter.com/el9ioH3PNP

— Piyush Goyal (@PiyushGoyal) September 7, 2023

India’s first UPI-ATM was launched earlier this week as a White Label ATM (WLA) by Hitachi Payment Services. How does UPI ATM works? The video originally posted by Ravisutanjani shows that after approaching at the machine, a user will be first required to click on the UPI cardless cash option displayed on the screen. You will be directed to a screen where you will be asked to tap on the amount that you wish to withdraw. The options that would be reflected on the screen would be Rs 100, Rs 500, Rs 1,000, Rs 2,000 and Rs 5,000. Once the desired amount is selected, a QR code will appears on the ATM screen. You then have to open UPI app on your mobile device and scan the QR code using. Then you will be required to select the desired bank account from which you want to withdraw cash and click on confirm button. You will then be asked to enter UPI pin. A confirmation message will be displayed on your mobile phone and the UPI ATM will start processing the transaction. Within seconds, it will dispense the amount you have sought to withdraw. Who has developed UPI ATM? The UPI ATM machine showed in the video was positioned in Mumbai and is developed by the National Payments Corporation of India (NPCI). The machine is powered by NCR Corporation. The UPI ATMs are not publicly deployed yet, but are being rolled out in phases. How UPI ATM is different from other ATMs? There are not many differences in UPI ATM and ATMs that are available now. The best part of these UPI ATMs is that you can make cardless transaction. However, charges may be applied beyond the allowed free usage limit. The UPI ATM is currently supported on the BHIM UPI app, but will soon be live on other apps like Google Pay, PhonePe, and Paytm. The UPI has become the fastest-growing payment mode in the country. It has achieved a remarkable milestone by crossing 10 billion transactions in a month. In August, the total number of UPI transactions reached an all-time high of 10.58 billion. With inputs from agencies