Recently, UPI made a record by crossing a whopping 10 billion transactions in a month. But that’s not all; the real game-changer is the first UPI ATM in India, which was launched at the Global Fintech Fest 2023 in Mumbai from September 5th to 7th.

This UPI ATM allows customers to access cash without the need for a debit card, revolutionising the way we handle our money. 

So now, you don’t need to wait or worry about debit cards to withdraw cash; all you need is your smartphone with some battery life and an internet connection.

Bank of Baroda has become the first Public Sector Bank to introduce UPI ATMs, enabling this innovative facility at over 6,000 Bank of Baroda ATMs across India.

India’s first UPI ATM was launched on September 5 as a White Label ATM (WLA) by Hitachi Payment Services in collaboration with the National Payments Corporation of India (NPCI) to transform the way we withdraw cash.

Who can use this UPI ATM facility?

Anyone with a registered UPI application can use UPI ATMs. The customer should have a UPI app either on their Android or iOS phones to make the transactions, without having to use any debit card.

However, the technology is not yet available to the general public and the deployment will start in a few months. 

What is the process to withdraw money via UPI?

To access this service, you’ll need a smartphone (obviously) with a UPI app like PhonePe or Google Pay and a registered UPI ID.

STEP 1: Select the ‘UPI Cardless Withdrawal’ button on the ATM Screen.

STEP 2: Enter any amount you want to withdraw in the denomination of Rs. 100, Rs. 500, Rs. 1000, Rs. 2000 or Rs. 5000.

STEP 3: Scan the QR code shown on the ATM using a UPI app.

STEP 4: Select the bank account to be debited.

STEP 5: Confirm the transaction by entering your UPI PIN.

And you’re all done! Take the cash and enjoy!

NOTE: Don’t leave the ATM till your transaction is complete.

Things you should keep in your mind

1. Ensure your bank account is linked to the app you’re using to scan the QR code.

2. Visit a compatible ATM.

3. Transaction limit is up to ₹10,000/- per transaction (may vary from bank to bank). 

Key Features of UPI ATM in India

1. Card-less Transaction.

2. Eliminating the need for multiple debit/credit cards for making cash withdrawals from ATMs.

3. Withdraw cash from multiple accounts linked to UPI.

4. Inter-operable.

5. Quicker, convenient, and secure.

According to Hitachi Payment Services, this innovative UPI ATM in India is set to eliminate the threat of card ‘skimming’ by fraudsters while promoting financial inclusion by providing easy access to banking services in regions with limited traditional banking infrastructure and card penetration.

Written By Shivani Singh

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