In a perfect world, you wouldn’t need your reliable debit or credit card to get cash out of an ATM. The UPI ATMs are here! The ability to withdraw money without the inconvenience of carrying a card is a revolutionary development in the banking industry. We will go over UPI’s key features and walk you through the process of utilizing it to make cash withdrawals from ATMs. Well, let’s get started and discover how to utilize this fascinating new tool.
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UPI ATM launch
With the opening of India’s first UPI ATM in Mumbai on September 5, a major milestone in the field of safe cardless cash withdrawals was accomplished. The National Payments Corporation of India (NPCI) runs the Unified Payments Interface (UPI), a digital platform that makes this cutting-edge technology possible. The UPI ATM simplifies the cash withdrawal procedure, making it quicker and more convenient than traditional ATMs, which call for real debit cards or in-person visits.
The UPI-ATM uses QR codes for cash transactions, which is a novel and secure method compared to numerous banks that allow cardless cash withdrawals through cellphone numbers and OTPs.
A Comprehensive Guide on Using UPI to Withdraw Cash from ATMs
The UPI ATM is quite simple to use. Here’s a simple, step-by-step tutorial on utilizing UPI to withdraw cash or money from an ATM:
1. Click “UPI Cardless Cash” from the screen of the ATM: This option appears on the screen when you get closer to a UPI ATM. To begin the cardless withdrawal process, select it.
2. Select the Amount: After that, you’ll be asked to choose or enter the desired withdrawal amount. Carefully choose or enter the desired quantity.
3. Scan the QR Code: Now pull out your smartphone and open the UPI app. Scan the QR code that appears on the ATM screen using the app. All the information needed to safely execute your purchase is contained in this QR code.
4. Confirm with the UPI PIN: Your UPI app will prompt you to confirm the transaction after you’ve scanned the QR code. To validate the UPI ATM withdrawal, enter your PIN.
5. Collect the Cash: The UPI ATM will distribute the desired cash as soon as your transaction is validated. All you need to do is make sure you gather it!
That is all! You now know how to use the UPI app on your smartphone and an ATM to withdraw money using UPI. Using a UPI app, such as Bhim Baroda Pay, Google Pay, PhonePe, BHIM, and others, you can quickly take out cash from an ATM.
It’s vital to remember that you can use any bank account that has been connected to your UPI app and approved by the NPCI. It’s not a requirement to hold an account with the bank owning the ATM that supports UPI. You may easily access your cash and make withdrawals using UPI thanks to this flexibility.
Crucial Elements of UPI-ATM
In addition to being practical, the UPI ATM has a few unique features that set it apart from other cash withdrawal machines.
Interoperability:
The UPI ATM can be used with many bank accounts and is compatible with diverse systems. This implies that you can still utilize it if you have accounts with multiple banks.
Transaction Limit:
Subject to issuer bank constraints and current daily UPI limits, you may withdraw up to ₹10,000 per transaction using the UPI ATM. Note that the amount and number of transactions allowed may differ based on your bank’s limits.
UPI ATM Withdrawal with QR Code:
Transactions are safe and quick when QR codes are used. It removes the requirement for a physical debit or credit card and streamlines the procedure.
Instant Dispensation: The UPI ATM saves you time and effort by dispensing the required cash as soon as you complete the transaction.
One UPI App: This is a crucial feature that eliminates the need for numerous cards by allowing you to withdraw money from multiple accounts using a single UPI app.
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Conclusion:
The UPI ATM has revolutionized the banking industry by making cash withdrawals from ATMs simpler, quicker, and more convenient than ever. It represents a step toward a more sophisticated and user-friendly banking experience with its cardless capability, interoperability, and safe QR code-based transactions. You won’t have to search for your debit card the next time you need cash—just keep in mind the easy instructions on how to use UPI to withdraw cash from an ATM. Banking has gotten much easier with UPI’s quick real-time payment system, and you can be sure that your transactions are not only simple but also safe and economical. You’re prepared to welcome the future of banking now that you understand how to use UPI to withdraw money from an ATM! I hope to see you soon at a Bank of Baroda UPI ATM, where cash withdrawals for the future are waiting!
