UPI’s new avatar is redefining ATM withdrawals.
Convenient cash withdrawals of up to INR 10,000 can be made using the UPI application without the need for a physical card.
Sounds like cardless cash withdrawals?
Yes, but there is a major difference. UPI-ATM is QR code-based, while the former relies on OTPs.
India's first UPI-ATM was launched at the Global Fintech Fest on 5th September 2023, by Hitachi Payment Services in collaboration with the National Payments Corporation of India (NPCI).
Unified Payments Interface (UPI) is a household name in India with over 300 million users and a 10 billion transaction volume (as of August 2023). The launch of the UPI-ATM will be an icing on the cake due to the reasons below.
Since its launch in 2016, UPI has been a flagbearer for India's digital financial expertise. It has gained global recognition by transforming India into a country with the highest number of digital transactions.
Nations like France, the UAE, and Sri Lanka are now hopping onto the UPI bandwagon. Recently, when Volker Wissing, German Federal Minister, visited India, he lauded the UPI initiatives, particularly appreciating the simplicity and speed of the transactions.
The growth of UPI is not going to stop anytime soon. Cheers to greater innovation and use cases.
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