UPI ATM Brings A Convenient Mode Of Cash Withdrawal. How To Use, Additional Charges, More FAQs Answered
UPI ATMs provide a secure method for withdrawing cash without the need for a physical card.
Using ATMs has become a nuisance in the recent days. For starters, you have to be very careful with your ATM card and ensure you don’t lose it, leave it at the cash-dispensing machine, or worse, get cloned by a crafty bad actor. Furthermore, you need to be careful in entering your ATM code, covering the keypad from any onlooking bystanders. These things could soon be a thing of the past, if the newly introduced UPI ATMs catch on in the country.
Earlier this week, Hitachi Payment Services unveiled India's inaugural 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 provide a secure method for withdrawing cash without the need for a physical card. All you need is an active UPI ID and a smartphone connected to the Internet.
Unified Payments Interface (UPI) serves as an internet-based platform managed by NPCI, facilitating instantaneous fund transfers between various bank accounts.
UPI ATM: How To Use
Union Commerce Minister Piyush Goyal on Thursday tweeted a video of influencer Ravisutanjani showing how a UPI ATM can be used. It’s pretty straightforward. Here are the steps:
- When you visit an UPI ATM, click on Cash Withdrawal or UPI Cash Withdrawal on the screen.
- Now, you’ll need to enter the amount you wish to withdraw.
- After that, you’ll see a single-use dynamic QR code on the screen.
- Scan that code with any UPI app on your phone.
- Authorise the transaction on the UPI app on your phone (the same way you use UPI apps to make payments).
- Once that is done, you will be able to withdraw the cash from the machine.
UPI ATM: Quick FAQs
Here are some quick pointers on UPI ATMs:
How much money can I withdraw at once?
Users can withdraw up to Rs 10,000 per transaction. This will be included within the existing daily UPI limit and will adhere to the transaction limits established by the issuing bank for UPI ATM transactions.
Do I need to carry my card?
No. As mentioned earlier, all you need to do is 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, irrespective of banks.
Are there any withdrawal charges?
As per PhonePe, you will not be charged any money to withdraw cash at a UPI ATM.
However, after a certain number of withdrawals at a particular bank’s ATM, it might charge you a minor fee. It’s best to reach out to your bank to get more details on specific charges.
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