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| Source - Adda247 |
What happened?
On September 5, 2023, Hitachi Payment Services introduced India's first UPI-enabled White Label ATM in collaboration with NPCI (National Payment Corporation of India) at the Global Fintech Fest held in Mumbai, India.
This groundbreaking development allows individuals to withdraw cash from ATMs using UPI, eliminating the need to carry debit cards. Given India's substantial user base of UPI, this innovation is poised to directly challenge the dominance of Mastercard and Visa in the market.
How does it work?
Here is working of UPI-ATM step by step
1.On the ATM screen, there is an option called "UPI Cardless Cash".
2.When selected, it provides different amounts to choose from.
3.Once you've chosen an amount, the ATM generates a QR code.
4.This QR code must be scanned using a UPI-enabled app on your mobile phone.
5.Subsequently, you'll need to pay the chosen amount from the app.
6.To complete the transaction, you'll enter your UPI PIN on your phone.
7.After this process, the selected amount will be withdrawn from the ATM.
What are the main features of UPI-ATM?
1.It is cardless: Users don’t have to carry plastic cards to withdraw money.
2.You can withdraw up to Rs. 10,000 in a single UPI Cardless Cash transaction. Just remember, this amount is counted within your regular UPI transaction limit and issuer’s bank UPI-ATM transaction limit.
3.It can prevent users from fraud like card skimming, and card trapping.
How UPI-ATM is threat to Master card and Visa card?
In August, the number of UPI transactions hit a record high of 10.8 billion, underscoring the increasing significance of UPI.
UPI has already started replacing the use of plastic cards, from small vendors to shopping malls and online platforms including shopping websites. The last frontier for VISA and Master Cards could very well be ATMs, and even this territory could potentially be taken over by the UPI-ATM system.
Is UPI-ATM available in entire Bharat?
As of the present moment, the UPI-ATM feature is exclusively available through the "Bank of Baroda" across India. This forward-looking facility has been activated in a substantial network of 6000 ATMs, ensuring widespread accessibility.
This means that not only customers of Bank of Baroda but also individuals holding accounts with various other banks can now make use of this cutting-edge service. It marks a significant step towards greater financial inclusivity and convenience for a diverse range of users.
Written By - Abhishek Ambastha
Edited By - Anushka Dabhade
Is UPI-ATM available in entire Bharat?
As of the present moment, the UPI-ATM feature is exclusively available through the "Bank of Baroda" across India. This forward-looking facility has been activated in a substantial network of 6000 ATMs, ensuring widespread accessibility.
This means that not only customers of Bank of Baroda but also individuals holding accounts with various other banks can now make use of this cutting-edge service. It marks a significant step towards greater financial inclusivity and convenience for a diverse range of users.
Written By - Abhishek Ambastha
Edited By - Anushka Dabhade
This article has been authored exclusively by the writer and is being presented on Eat My News, which serves as a platform for the community to voice their perspectives. As an entity, Eat My News cannot be held liable for the content or its accuracy. The views expressed in this article solely pertain to the author or writer. For further queries about the article or its content you can contact on this email address - ambastha1590@outlook.com
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