Hitachi Fee Companies unveiled the nation’s first UPI-based ATM on the World Fintech Fest 2023 in Mumbai on Tuesday, permits prospects to withdraw cash through QR codes with out utilizing a financial institution card.
The UPI-ATM is a White-label ATM, which implies it’s owned and operated by non-bank entities. As much as Rs 10,000 could be withdrawn in a single transaction.
Anand Mahindra, chairperson of Mahindra and Mahindra, tweeted a video, with the caption, “This UPI ATM was apparently unveiled on the World Fintech Fest 2023 in Mumbai on September 5. The velocity at which India is digitising monetary companies & making them consumer-centric versus corporate-centric (Alarm bell for bank card firms?) is solely dazzling. (I simply should make SURE I don’t misplace my cellphone! )”
Piyush Goyal, the Union Minister of Commerce and Trade, additionally shared the video, saying, “The way forward for fintech is right here!”
Learn how to withdraw cash from UPI-ATM?
Click on on UPI Cardless Money.
Select from the choices of quantities offered or click on Different Quantity and kind in your required quantity.
Scan the QR code that seems utilizing any UPI app.
Select the checking account in your cellphone
Present the UPI PIN in your cellphone after confirming transaction
As soon as the transaction is processed, acquire your money
What’s the distinction between UPI-ATM and cardless money transactions?
In impact, UPI-ATM supplies the identical comfort of cardless money withdrawals which are already facilitated by banks. Whereas the sooner cardless money transactions are cell OTP-based, the brand new facility gives QR code-based withdrawal and the client must have a UPI app.