Up to Rs 10,000 can be withdrawn in a single transaction

Up to Rs 10,000 can be withdrawn in a single transaction

Up to Rs 10,000 can be withdrawn in a single transaction

Hitachi Payment Services unveiled the country's first UPI-based ATM at the Global Fintech Fest 2023 in Mumbai on Tuesday, allows customers to withdraw money via QR codes without using a bank card.

The UPI-ATM is a White-label ATM, which means it is owned and operated by non-bank entities. Up to Rs 10,000 can be withdrawn in a single transaction.

Anand Mahindra, chairperson of Mahindra and Mahindra, tweeted a video, with the caption, “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. (I just have to make SURE I don’t misplace my cellphone! )”

Piyush Goyal, the Union Minister of Commerce & Industry, also shared the video, saying, “The future of fintech is here!”

How to withdraw money from UPI-ATM?

Click on UPI Cardless Cash.

  • Choose from the options of amounts provided or click Other Amount and type in your required amount.

  • Scan the QR code that appears using any UPI app.

  • Choose the bank account on your phone

  • Provide the UPI PIN on your phone after confirming transaction

  • Once the transaction is processed, collect your cash

    What's the difference between UPI-ATM and cashless card transactions?

    In effect, UPI-ATM provides the same convenience of cashless card withdrawals that are already facilitated by banks. While the earlier cashless card transactions are mobile OTP-based, the new facility offers QR code-based withdrawal and the customer needs to have a UPI app.