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Cardless Cash" is now a reality with the launch of UPI ATMs by Hitachi in India, allowing users to withdraw money using their UPI ID instead of a debit card.
In Short
- The UPI ATM has been launched in India by Hitachi as a solution that allows people to withdraw money without the need for a debit card.
- The user must enter a special PIN within the UPI app to authorize the transaction, after which the ATM dispenses the selected amount of cash.
- The UPI ATM innovation combines the convenience and safety of UPI with the accessibility of regular ATMs.
Have you ever found yourself in a tight spot, desperately needing cash, only to realize you've left your wallet or debit card at home? Well, these situations are all too familiar. But fret not, because now there's a solution: the UPI ATM, recently launched in India. Just as the name implies, this innovation allows users to withdraw money from ATM machines using their UPI ID.
As per ET report, Hitachi has introduced the UPI-ATM. It's like an ATM machine but a bit different. Normally, when you want to take out money from your bank, you use a debit or credit card at an ATM. But with this new UPI-ATM, you don't need a card.
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They call it the "Hitachi Money Spot UPI ATM," and they showed it to people at the Global Fintech Fest in Mumbai, which took place on September 5, 2023. The cool thing about these UPI ATMs is that you can take out money from your bank using a special phone app called United Payments Interface (UPI) instead of a card.
Here is how you will be able to use the UPI ATM
–To start, the first thing you need to do is decide how much money you want to take out from the ATM. This is the amount you'll receive in cash.
–After you've chosen the amount, the ATM will show a special code on its screen. This code is called a QR code, and it represents the amount you selected.
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–To make the ATM give you the money, you have to use a mobile phone app that supports UPI (United Payments Interface). This app could be any of the ones you already have on your phone.
–Once you've opened the UPI app, you'll need to use it to scan the QR code displayed on the ATM's screen. This step helps the ATM understand how much money you want to withdraw.
–To make sure the transaction is secure, you'll be asked to enter a special PIN in your UPI app. This PIN is like a secret code that only you should know. Entering it authorizes the ATM to give you the money.
–After you have entered the correct PIN and authorized the transaction, the ATM will start giving you the cash you asked for. You can now take your money and use it for whatever you need.
Currently, many banks let you take out money without using a physical card, and the UPI-ATM does the same. But there's a difference. With cardless cash withdrawal, you use your mobile and a special code (OTP), but the UPI ATM uses QR codes for cash withdrawals.
The UPI-ATM is a big step in banking because it combines the ease and safety of UPI with regular ATMs. This clever idea means you can get your money fast, even in faraway parts of India, without needing a physical card. That's what the National Payments Corporation of India says about it.
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