The fastest-growing payment method in the nation is called the Unified Payments Interface (UPI), which is utilized for instantaneous money transfers using mobile devices. At the ongoing Global Fintech Fest in Mumbai on Tuesday, a cutting-edge UPI ATM that facilitates cardless cash withdrawals was unveiled for the first time. Internet users welcome the new feature, which is known as “India’s first UPI ATM,” as a “game changer” because it does away with the need to carry around conventional ATM cards.
Union Minister Piyush Goyal uploaded a video on X on Thursday showing FinTech expert Ravisutanjani demonstrating how to use UPI to withdraw money from an ATM.
The original uploader of the video, Mr. Ravisutanjani, first selects the UPI cardless cash option that appears on the screen and is then invited to enter the desired withdrawal amount. A QR code appears on the ATM screen after the money has been input. He then inputs his UPI PIN after scanning the QR code with the BHIM app. Soon later, he collects the money. Mr. Goyal shared the video with the caption, “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 National Payments Corporation of India developed the distinctive ATM, which is powered by NCR Corporation. Notably, the UPI ATM will function like any other ATM, and fees may be levied if you use it more than you are allowed to for free. The BHIM UPI app is the only one that presently supports the new UPI ATM, but Google Pay, PhonePe, and Paytm will soon offer it as well. The technology is being introduced gradually; it has not yet been made publicly available.
One user responded to the idea by writing, “A completely new, yet a much-needed innovation! This would be extremely helpful for those who are familiar with UPI but do not have a debit card (which is a large population, especially in rural regions). Cash withdrawals would be considerably simpler with UPI ATM. Really impressed at how far financial technologies have progressed.
‘Great idea, no need to carry physical cards,’ said one commenter. I have no doubt that they will also include the current ATMs. Another described it as a “game-changer.”
UPI recently passed 10 billion transactions in a single month, marking a significant milestone. In August, there were 10.58 billion UPI transactions in total, an all-time high. According to a senior representative of the National Payments Corporation of India, the nation has the capacity to process 100 billion UPI transactions per month.