Digital is the future! Are you someone who loves paying your bills using the Unified Payments Interface (UPI)? Then there is good news for you. Now you can also use UPI for cash withdrawals, if required.
This is a game-changer! This revolutionary UPI ATM is currently showcased at the ongoing Global Fintech Fest in Mumbai. The UPI ATM, developed by the National Payments Corporation of India and powered by NCR Corporation, has not been publicly deployed yet but will be rolled out in phases.
The video of the futuristic ATM, which showed Ravisutanjani, a FinTech influencer, demonstrating how to withdraw cash from an ATM using UPI, was shared on X (formerly Twitter) by Union Minister Piyush Goyal, with a caption that read, "UPI ATM: The future of fintech is here!"
Dubbed 'India's first UPI ATM', the new age ATM eliminates the need to carry physical ATM cards and is hailed as a ''game changer.''So now there is no need to stress about carrying cards in case of emergency cash withdrawals.
The new UPI ATM is currently supported on the BHIM UPI app, but it will soon be available on other apps like Google Pay, PhonePe, and Paytm.
5 Steps to withdraw cash from a UPI ATM
Step 1: You need to select the Cardless Cash option
Step 2: Select the amount from the options displayed.
Step 3: Scan the QR code using your UPI app.
Step 4: Enter your UPI PIN to authorize the transaction.
Step 5: Last but not least! Collect your cash.