Hitachi Payment Services has unveiled a cutting-edge banking solution known as UPI-ATM, a White Label ATM (WLA) developed in collaboration with the National Payments Corporation of India (NPCI). This innovative ATM provides a cash withdrawal option that doesn’t require the conventional use of debit or credit cards.
Any individual with a registered UPI app, whether they use an Android or iPhone device, is eligible to benefit from UPI ATM transactions. To access this functionality, Payment Service Providers (PSPs) must possess Interoperable Cardless Cash Withdrawal (ICCW) certification and have partnered with issuer banks. The deployment of UPI-ATMs is scheduled to take place in the coming months, promising users enhanced security and convenience.
Also Read: Mastering UPI Transaction Reversals: A Guide for PhonePe, Paytm, Google Pay, and More
Step-by-step guide on how to make the most of the UPI-ATM
- Select the Amount: Initiate the process by approaching the UPI-ATM and choosing the desired withdrawal amount from your bank account.
- QR Code Generation: After selecting the amount, a unique QR code corresponding to your chosen sum will be displayed on the ATM screen.
- Scan the QR Code: Open your UPI app on your mobile device, ensuring it’s up-to-date and linked to your bank account. Then, utilize the UPI app to scan the QR code visible on the ATM screen.
- UPI PIN Authorization: Upon successfully scanning the QR code, your UPI app will prompt you to input your UPI PIN to authorize the transaction. This step is crucial for ensuring security.
- Cash Dispensation: After entering your UPI PIN and confirming the transaction, the UPI-ATM will dispense the requested amount of cash. Be prepared to collect your cash promptly.
In conclusion, the UPI-ATM represents a modern and secure method for withdrawing cash, eliminating the need for physical cards and enhancing convenience and security for banking customers. As this innovative technology continues to expand, it is poised to revolutionize the way we interact with ATMs and access our financial resources.
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