UPI ATM launched: Check How to withdraw cash from UPI ATM
18 Oct 2023
Table of Content
Introduction
Imagine a world where you can withdraw cash from an ATM without needing your trusty debit or credit card. Well, that world is here, and it's called the UPI ATM! It is a groundbreaking innovation in the world of banking that allows you to withdraw money without the hassle of carrying a card. In this blog, we'll walk you through the step-by-step process of how to withdraw cash from an ATM using UPI and explore its key features. So, let's dive in and learn how to use this exciting new technology.
Launch of UPI ATM
On September 5th, a significant milestone in the world of secure cardless cash withdrawals was achieved with the launch of India's first UPI ATM in Mumbai. This innovative technology is made possible by leveraging the Unified Payments Interface (UPI), a digital platform operated by the National Payments Corporation of India (NPCI). Unlike traditional ATMs that require physical debit cards or ATM visits, the UPI ATM streamlines the process of cash withdrawal, making it faster and more convenient.
While several banks offer cardless cash withdrawals through mobile numbers and OTPs, the UPI-ATM relies on QR codes for cash transactions, offering a unique and secure approach.
Step-by-Step Guide on How to Withdraw Cash From ATM Using UPI
Using the UPI ATM is as easy as can be. Here's a straightforward, step-by-step guide on how to withdraw cash/money from ATM using UPI:
1. Select "UPI Cardless Cash" on the ATM screen :
When you approach a UPI ATM, you'll see this option on the screen. Choose it to start the cardless withdrawal process.
2. Choose the Amount :
Next, you'll be prompted to select/Enter the amount you want to withdraw. Select/Enter the desired amount carefully.
3. Scan the QR Code :
Now, take out your smartphone with a UPI app installed. Use the app to scan the QR code displayed on the ATM screen. This QR code contains all the necessary information to complete your transaction securely.
4. Confirm with UPI PIN :
After scanning the QR code, your UPI app will ask you to confirm the transaction. Enter your UPI PIN to validate the UPI ATM withdrawal.
5. Collect the Cash :
Once your transaction is confirmed, the UPI ATM will dispense the requested cash. Make sure to collect it, and you're all set!
That’s it! Now you know how to withdraw money from an ATM using UPI with the help of your smartphone and UPI app. You can easily withdraw money from an ATM using UPI app like Bhim Baroda Pay , Google Pay, PhonePe, BHIM, and others.
It's important to note that you can use any bank account that is certified by NPCI and linked to your UPI app. You don't necessarily need to have an account with the bank that owns the UPI-enabled ATM. This flexibility allows you to conveniently access your funds and make withdrawals using UPI
Key Features of UPI-ATM
The UPI ATM is not just convenient; it comes with some cool features that make it stand out in the world of cash withdrawals:
● Interoperability :
The UPI ATM is compatible with various systems and can be used with different bank accounts. This means you can use it even if you have accounts with different banks.
● Transaction Limit :
You can withdraw up to ₹10,000 per transaction using the UPI ATM in accordance with existing daily UPI limits and issuer bank restrictions. However, do note that the number and transaction amount limit may vary depending on the limits set by your bank.
● QR Code-Based UPI ATM withdrawal :
The use of QR codes ensures secure and efficient transactions. It simplifies the process and eliminates the need for a physical debit or credit card.
● Instant Dispensation :
Once you confirm the transaction, the UPI ATM dispenses the requested cash instantly, saving you time and effort.
● Single UPI App :-
Importantly, You can withdraw cash from multiple accounts through a single UPI app, eliminating the need for multiple cards.
Wrapping Up
The UPI ATM is a game-changer in the world of banking, these UPI ATM cash withdrawals are easier, faster, and more convenient than ever before. With its cardless functionality, interoperability, and secure QR code-based transactions, it's a step towards a more advanced and user-friendly banking experience. So, the next time you need cash, you won't have to fumble for your debit card; just remember the simple steps of how to withdraw cash from an ATM using UPI. With UPI's instant real-time payment system, banking has become a breeze, and you can be rest assured that your transactions are not only easy, but also safe and cost-effective. Now that you know how to withdraw money from an ATM using UPI, you're ready to embrace the future of banking! See you in a Bank of Baroda UPI ATM soon, where the future of cash withdrawals awaits!
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Disclaimer
The contents of this article/infographic/picture/video are meant solely for information purposes and do not necessarily reflect the views of Bank of Baroda. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. Bank of Baroda and/ or its Affiliates and its subsidiaries make no representation as to the accuracy; completeness or reliability of any information contained herein or otherwise provided and hereby disclaim any liability with regard to the same. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject Bank of Baroda or its affiliates to any licensing or registration requirements. Bank of Baroda shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.
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