UPI ATM unveiled: Get ready for hassle-free, cardless cash withdrawals

Tribune Web Desk

Chandigarh, September 7

The Unified Payments Interface (UPI), a real-time payment system that enables instant money transfers via mobile devices, has been making significant strides in India's digital banking landscape.

Recently, at the Global Fintech Fest in Mumbai, a groundbreaking UPI ATM was unveiled, offering cardless cash withdrawals for the first time. This innovative feature, dubbed ‘India's first UPI ATM’, eliminates the need for physical ATM cards, marking a significant shift in the country's banking services.

Piyush Goyal shared the video on X, stating: “UPI ATM: The future of fintech is here!”  

UPI ATM: The future of fintech is here! 💪🇮🇳 pic.twitter.com/el9ioH3PNP

— Piyush Goyal (@PiyushGoyal) September 7, 2023

The video demonstration by Ravisutanjani, a FinTech influencer, showcased the ease of withdrawing cash from this unique ATM. The process begins with selecting the UPI cardless cash option on the ATM screen and entering the desired withdrawal amount. A QR code then appears on the screen, which is scanned using the BHIM app, followed by entering the UPI PIN. The cash is dispensed shortly after, making the transaction quick and hassle-free.

This revolutionary UPI ATM, developed by the National Payments Corporation of India and powered by NCR Corporation, was launched at the Global Fintech Fest 2023 in Mumbai on September 5.

The new feature even grabbed Mahindra Group Chairman Anand Mahindra's attention.

This UPI ATM was apparently unveiled at the Global Fintech Fest 2023 in Mumbai on September 5. The speed at which India is digitising financial services & making them consumer-centric as opposed to corporate-centric (Alarm bell for credit card companies?) is simply dazzling.… pic.twitter.com/krBXhbc9Qh

— anand mahindra (@anandmahindra) September 7, 2023

Meanwhile, internet users have applauded the innovation, recognising its potential to simplify cash withdrawals and transform digital banking.

 “Absolutely dazzling indeed! India's fintech revolution is like a speed train to the future!" a user wrote.

“Bharat has revolutionized the digital payments for sure. Those who don't know, we are at the top with 89.30 billion transactions,” another user wrote.

As the fintech revolution gains momentum, we can expect more innovations that will reshape the way we manage our finances.

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