Business tycoon Anand Mahindra has shared a video of a unique ATM that works via UPI (Unified Payments Interface) applications. Mahindra shared the video on the X platform (formerly Twitter) and called the technology dazzling. As per Mahindra’s post, the UPI-based ATM was showcased at the recently held Global Fintech Fest in Mumbai. The Chairman of Mahindra Group wrote, “His UPI ATM was unveiled at the Global Fintech Fest 2023 in Mumbai on September 5. The speed at which India is digitising financial services & making them consumer-centric as opposed to corporate-centric (Alarm bell for credit card companies?) is simply dazzling. (I just have to make SURE I don’t misplace my cellphone!”.
Recently, Hitachi Payment Services also introduced ‘the country’s first-ever UPI-ATM as a White Label ATM (WLA) in association with the National Payments Corporation of India (NPCI).
Also read: India’s first UPI ATM: How will it be different from cardless cash withdrawals
How does UPI-ATM is different from cardless cash withdrawals
With the advancement of technology from the UPI money transaction to cashless withdrawal from the ATM and now to the withdrawal of money from ATMs via an app, digitisation in India has reached another level.
A user can only withdraw money from a UPI ATM if he has a UPI app installed on either their Android or iOS smartphone to perform successful transactions.
On the other hand, card-less cash withdrawals rely on mobile numbers and OTPs.
The UPI-ATM operates through QR-based UPI cash withdrawals.
How to withdraw money from a UPI-ATM?
Step 1 Select the desired amount
Step 2: A UPI QR code will be displayed on the screen of the ATM
Step 3: Scan the QR code using the UPI app (Google Pay, PhonePe, Paytm, etc.)
Step 4: Enter your UPI PIN for the app
Step 5: Bank’s message will appear on your phone about the selected transaction
Step 6: Collect your cash
India has emerged as one of the fastest-growing ecosystems for fintech innovation and the government and the central bank have been instrumental in driving the globalisation of India’s digital payment infrastructure.
So far, Sri Lanka, France, UAE, and Singapore had partnered with India on the emerging fintech and payment solutions.
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Updated: 07 Sep 2023, 11:16 AM IST
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