Revolutionize Your Banking: Say Goodbye to ATM Hassles with UPI ATMs!

Using ATMs has become increasingly inconvenient in recent times. To start, individuals must exercise extreme caution with their ATM cards, ensuring they are not misplaced, left behind at the cash-dispensing machine, or, worse yet, copied by a cunning fraudster. Moreover, when entering their ATM PIN, it is essential to shield the keypad from prying eyes. However, these concerns may soon become a thing of the past with the introduction of UPI ATMs in the country.

Just this week, Hitachi Payment Services unveiled India’s very first UPI ATM in collaboration with the National Payments Corporation of India (NPCI), as part of the Global Fintech Fest in Mumbai on September 5.

UPI ATMs offer a secure method of cash withdrawal without the need for a physical card. All that is required is an active UPI ID and a smartphone connected to the internet.

The Unified Payments Interface (UPI) serves as an internet-based platform managed by NPCI, facilitating instantaneous fund transfers between various bank accounts.

Using a UPI ATM is straightforward, as demonstrated by an influencer named Ravisutanjani in a video shared by Union Commerce Minister Piyush Goyal. Here are the steps:

  1. When you visit a UPI ATM, select “Cash Withdrawal” or “UPI Cash Withdrawal” on the screen.
  2. Enter the amount you wish to withdraw.
  3. A single-use dynamic QR code will appear on the screen.
  4. Scan the code with any UPI app on your smartphone.
  5. Authorize the transaction on the UPI app on your phone (similar to how you make UPI payments).
  6. Once done, you can withdraw the cash from the machine.

Here are some quick FAQs about UPI ATMs:

  • How much money can I withdraw at once? Users can withdraw up to Rs 10,000 per transaction. This amount falls within the existing daily UPI limit and adheres to the transaction limits set by the issuing bank for UPI ATM transactions.
  • Do I need to carry my card? No, you only need to carry your internet-connected smartphone.
  • Are UPI ATMs interoperable? Yes, as long as you have an active UPI ID, you can use any UPI ATM, regardless of the bank.
  • Are there any withdrawal charges? According to PhonePe, there are no charges for withdrawing cash at a UPI ATM. However, after a certain number of withdrawals at a specific bank’s ATM, they might impose a minor fee. It’s advisable to contact your bank for specific fee details.

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