WATCH: Viral video shows man withdrawing cash from ATM using UPI; lauds innovative feature of 'Bharat'
The article discusses the introduction of a revolutionary UPI ATM for cardless cash withdrawals showcased at the Global Fintech Fest in Mumbai, highlighting its innovative features and positive reception.
The Unified Payments Interface (UPI) has emerged as the fastest-growing payment mode in India, enabling instant money transfers via mobile devices. At the ongoing Global Fintech Fest in Mumbai, a groundbreaking UPI ATM, which facilitates cardless cash withdrawals, was introduced for the first time. This innovative solution, dubbed 'India's first UPI ATM,' eliminates the need for physical ATM cards, receiving acclaim from internet users.
A video circulating on social media features Ravisutanjani, a FinTech influencer, demonstrating the process of withdrawing cash from this UPI ATM. It's worth noting that this unique ATM has been developed by the National Payments Corporation of India and powered by NCR Corporation.
In the video, Ravisutanjani initiates the cardless cash withdrawal by selecting the UPI option displayed on the ATM screen. He then inputs the desired withdrawal amount. Once the amount is confirmed, a QR code appears on the ATM screen. Using the BHIM app, he scans the QR code and enters his UPI PIN to complete the transaction. The cash is dispensed shortly thereafter.
Sharing the video, Ravisutanjani expressed his excitement, stating, "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." He also mentioned that the UPI ATM will function like a regular ATM and may incur charges beyond the allowed free usage limit. Currently, this feature is supported on the BHIM UPI app, but it will soon be available on other popular apps like Google Pay, PhonePe, and Paytm.
While this technology is not yet publicly deployed, it is being rolled out gradually in phases.
The response to this innovation has been overwhelmingly positive. One user commented, "An entirely new, but a much-needed innovation! This would be especially beneficial for those who know how to use UPI but not a debit card, especially in rural areas. UPI ATM would make cash withdrawals much easier. Really amazed at how far we've come in financial technologies."
Another user wrote, "Great innovation, no need to carry physical cards. I am sure they will add this to existing ATM machines too." A third user described it as a "game-changer."
Recently, UPI achieved a significant milestone by processing over 10 billion transactions in a single month. In August, the total number of UPI transactions reached an all-time high of 10.58 billion. A senior official from the National Payments Corporation of India expressed confidence in the country's potential to handle 100 billion Unified Payments Interface (UPI) transactions per month.