UPI ATM Unveiled!
A new UPI ATM has been launched, enabling customers to withdraw cash without needing a physical debit card.
In India's digital banking landscape, the Unified Payments Interface (UPI) has made remarkable strides as a real-time payment system that allows instantaneous mobile money transfers.
This groundbreaking UPI ATM was unveiled at Mumbai's Global Fintech Fest 2023. It was developed by the National Payments Corporation of India and powered by NCR Corporation.
During the Global Fintech Fest held in Mumbai, a new UPI ATM was launched, allowing cardless cash withdrawals for the first time.
This revolutionary feature, known as 'India's first UPI ATM,' removes the need for a physical ATM card, thereby indicating a significant evolution in the country's banking services.
The FinTech influencer Ravisutanjani demonstrated how easy it is to withdraw cash from this unique ATM. The process starts by selecting the UPI cardless cash option, entering the withdrawal amount, and confirming the transaction. A QR code appears on the screen, scanned using the BHIM app. After entering the UPI PIN, cash is dispensed quickly.
Internet users have praised the innovation for its potential to simplify cash withdrawals and transform digital banking.
With the ongoing financial technology revolution, it's only a matter of time before we witness a sea change in how we handle our finances. Numerous innovative solutions are bound to emerge, and they will undoubtedly transform the way we manage our monetary affairs.
Piyush Goyal, Minister of Commerce & Industry Government of INDIA, tweeted,
UPI ATM: The future of fintech is here