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In a remarkable display of technological innovation, a video has surfaced on social media showcasing a revolutionary UPI ATM (Unified Payments Interface) that enables cardless cash withdrawals. UPI has rapidly become the preferred method for instant money transfers via mobile devices in India, and this cutting-edge UPI ATM is poised to reshape the way people access their funds.
The groundbreaking UPI ATM, described as “India’s first UPI ATM,” was unveiled at the ongoing Global Fintech Fest in Mumbai. This innovative feature eliminates the need for physical ATM cards, offering a more convenient and secure method for accessing cash. Internet users and financial technology enthusiasts have hailed it as a “game changer.”
Union Minister Piyush Goyal shared a video on social media, demonstrating how this UPI ATM operates. In the video, FinTech influencer Ravisutanjani initiates a cardless cash withdrawal by selecting the UPI option displayed on the ATM screen. After entering the desired withdrawal amount, a QR code appears on the screen. Ravisutanjani scans the QR code using the BHIM app, enters his UPI PIN, and promptly receives the requested cash.
Piyush Goyal expressed his enthusiasm for this technological leap, stating, “UPI ATM: The future of fintech is here! The unique ATM has been developed by the National Payments Corporation of India and powered by NCR Corporation.”
While the UPI ATM functions like a conventional ATM, it may incur charges beyond the permitted free usage limit. Currently, the UPI ATM is compatible with the BHIM UPI app, and plans are underway to integrate it with other popular apps like Google Pay, PhonePe, and Paytm.
Although this technology is not yet publicly available, it is gradually being rolled out in phases. Users have reacted positively to this innovation, appreciating its potential to simplify cash withdrawals, particularly for those familiar with UPI but not debit cards, including rural residents.
One user described it as “an entirely new, but much-needed innovation,” highlighting the potential benefits for individuals who understand UPI but may not be familiar with debit cards. Another user welcomed the convenience of not needing physical cards and anticipated its integration into existing ATM machines. Many hailed it as a “game changer” in the financial technology landscape.
This development comes on the heels of UPI achieving a significant milestone by surpassing 10 billion transactions in a single month. In August, UPI transactions reached an all-time high of 10.58 billion. A senior official from the National Payments Corporation of India expressed confidence that the country has the potential to reach 100 billion UPI transactions per month, underscoring the immense growth potential of digital payments in India.
Sources By Agencies
