UPI-ATM, or Interoperable Cardless Cash Withdrawal (ICCW), marks a significant step towards a more convenient and digital-driven banking experience. This service allows customers to withdraw cash from ATMs without the need for physical cards, using only their smartphones and UPI apps.
The National Payment Corporation of India (NPCI) has approved UPI-enabled withdrawals, making it easier than ever to access cash without carrying your debit card. While initial trials in Mumbai revealed some complexities, the system has proven to be user-friendly after a few iterations.
Here’s a step-by-step guide on how to use UPI apps to withdraw cash from ATMs:
1.
Select ‘UPI Cash Withdrawal’ at the ATM:
The ATM will prompt you to enter the desired withdrawal amount.2.
Generate a Dynamic QR Code:
Upon entering the amount, a unique, signed QR code will appear on the ATM screen.3.
Scan the QR Code:
Open your UPI-enabled app and scan the QR code displayed on the ATM.4.
Authorize the Transaction:
Enter your UPI PIN on your mobile device to authorize the withdrawal.The transaction may take up to 30 seconds to process, so patience is key.
Transaction Limits and Benefits:
There’s a maximum withdrawal limit of Rs 10,000 per transaction, subject to daily UPI transaction limits and individual bank terms.
UPI-ATM offers several advantages, including:
–
Convenience:
No need to carry physical cards.–
Wide Availability:
Supported by most banks and ATMs with UPI capabilities.–
Early Access to Funds:
Users can withdraw cash even without receiving their physical cards after opening a new account.UPI-ATM represents a significant advancement in the realm of digital banking, offering a hassle-free and secure way to access cash on the go.
