- Hitachi has introduced the UPI ATM in India, offering a solution for cash withdrawal without the need for a debit card. Users can authorize transactions by entering a specific PIN within the UPI app, following which the ATM dispenses the requested cash amount.
- The UPI ATM seamlessly merges the convenience and security of UPI with the accessibility of traditional ATMs.
- Have you ever experienced the inconvenience of urgently needing cash but forgetting your wallet or debit card at home? If so, you’re not alone. Fortunately, there’s a solution: the UPI ATM, recently launched in India. As the name suggests, this innovation enables users to withdraw money from ATMs using their UPI ID.
- According to an ET report, Hitachi has introduced a unique UPI-ATM that differs from conventional ATM machines. Typically, you’d use a debit or credit card to withdraw money from your bank at an ATM. However, with the new UPI-ATM, a card is no longer necessary.
- Referred to as the “Hitachi Money Spot UPI ATM,” this technology was showcased at the Global Fintech Fest in Mumbai on September 5, 2023. The remarkable feature of these UPI ATMs is that you can access funds from your bank using a dedicated phone app known as the United Payments Interface (UPI) instead of a physical card.
- Here’s how you can utilize the UPI ATM:
- To begin, determine the amount of cash you wish to withdraw, which will be provided to you in physical currency.
- After selecting the amount, the ATM will display a unique QR code representing the chosen sum.
- To initiate the cash withdrawal, you must use a mobile app that supports UPI (United Payments Interface), which could be any UPI-compatible app on your phone.
- Once the UPI app is open, scan the QR code displayed on the ATM’s screen. This step informs the ATM of the withdrawal amount.
- To ensure the security of the transaction, you’ll be prompted to enter a confidential PIN within your UPI app. This PIN functions as an authorization code, allowing the ATM to dispense the requested funds.
- After correctly entering the PIN and confirming the transaction, the ATM will begin dispensing the requested cash. You can then use the money as needed.
- Many banks currently offer cardless cash withdrawal options, and the UPI-ATM follows a similar approach. However, there is a distinction: while cardless withdrawals typically involve a mobile phone and a one-time code (OTP), the UPI ATM relies on QR codes for cash withdrawals.
- The introduction of the UPI-ATM represents a significant advancement in banking as it combines the user-friendly and secure features of UPI with the convenience of traditional ATMs. This innovative concept ensures swift access to funds, even in remote areas of India, without the need for a physical card, as affirmed by the National Payments Corporation of India.
