UPI ATM cardless cash withdrawals unvield at Global Fintech Fest
India’s first UPI ATM offering cardless cash withdrawals, was showcased at the Global Fintech Fest. The technology, yet to be publicly deployed, has been hailed as a game changer.
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 launched offering cardless cash withdrawals for the first time.
This innovative feature, hailed as ‘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.
News Edit K.V.Raman
