The Unified Payments Interface (UPI), a real-time payment system that enables instant money transfers via mobile devices, has been making significant strides in India’s digital banking landscape. Recently, at the Global Fintech Fest in Mumbai, a groundbreaking UPI ATM was unveiled, offering cardless cash withdrawals for the first time. This innovative feature, dubbed ‘India’s first UPI ATM’, eliminates the need for physical ATM cards, marking a significant shift in the country’s banking services.
A video demonstration by Ravisutanjani, a FinTech influencer, showcased the ease of withdrawing cash from this unique ATM. The process begins with selecting the UPI cardless cash option on the ATM screen and entering the desired withdrawal amount. A QR code then appears on the screen, which is scanned using the BHIM app, followed by entering the UPI PIN. The cash is dispensed shortly after, making the transaction quick and hassle-free.
This revolutionary UPI ATM, developed by the National Payments Corporation of India and powered by NCR Corporation, was launched at the Global Fintech Fest 2023 in Mumbai on September 5. The rapid digitization of financial services in India, with a focus on consumer-centricity, is indeed remarkable. However, it also underscores the importance of safeguarding one’s mobile device, which is now becoming an essential tool for financial transactions.
The new feature even grabbed Mahindra Group Chairman Anand Mahindra’s attention.