One might be curious about how India’s inaugural UPI ATM, which was unveiled on Tuesday, operates. It’s remarkably straightforward. This service provides a user-friendly method for individuals to withdraw cash from any UPI-ATM-enabled ATM, eliminating the need for a debit or credit card. The sole requirement is having your mobile phone on hand to complete the cash withdrawal process.
Here’s a step-by-step guide on how to withdraw money from a UPI ATM:
- Begin by selecting the ‘UPI cash withdrawal’ option at the ATM.
- You’ll be prompted to specify the withdrawal amount.
- After entering the desired amount, a one-time dynamic QR code (digitally signed) will appear on the ATM screen.
- Scan the QR code using any UPI app* and authorize the transaction by inputting your UPI PIN on your mobile (via the UPI app) to receive cash from the ATM.
Union Minister Piyush Goyal shared a video on X, formerly known as twitter, in which Ravisutanjani, a FinTech influencer, demonstratedhow to withdraw cash from an ATM using UPI.
Key Features of UPI-ATM:
- Interoperability.
- Cardless Transactions.
- Transaction limit of up to ₹10,000 per transaction, falling within the existing UPI daily limit and as per the issuer bank’s UPI-ATM transaction limits.
- Convenience, eliminating the need to carry a physical card for ATM cash withdrawals.
Multiple account cash withdrawals are facilitated through UPI apps and now voice-enabled UPI payments are possible. Furthermore, the National Payments Corporation of India (NPCI) recently introduced several new payment options on the popular UPI platform, including Credit Line on UPI, UPI LITE X, Tap & Pay, Hello! UPI, and Conversational Bill Payments.
Notably, UPI reached a significant milestone in August, with transaction volumes surpassing 10 billion in a single month.