New Delhi: A revolutionary UPI ATM that offers cardless cash withdrawals was shown for the first time at the ongoing Global Fintech Fest in Mumbai on Tuesday.
This was termed ‘India’s first UPI ATM’. This special ATM eliminates the need to carry physical ATM cards. This unique ATM has been developed by the National Payments Corporation of India and powered by NCR Corporation.
On Thursday, Union Minister Piyush Goyal posted a video on X, that showed Ravisutanjani, a FinTech influencer, demonstrating how to withdraw cash from an ATM using UPI.
UPI ATM: The future of fintech is here! 💪🇮🇳 pic.twitter.com/el9ioH3PNP
— Piyush Goyal (@PiyushGoyal) September 7, 2023
In the video, Mr Ravisutanjani, who originally posted the video, first clicks on the UPI cardless cash option displayed on the screen and is prompted to enter the desired withdrawal amount. Once the amount is entered, a QR code appears on the ATM screen. He then scans the QR code using the BHIM app and enters his UPI PIN. He collects the cash shortly after.
The technology is not publicly deployed yet but will be introduced in phases.