How India's first UPI ATM differs from regular ATMs
What's the story
In a significant milestone for India's rapidly evolving digital payment landscape, Hitachi Payment Services, in collaboration with the National Payments Corporation of India (NPCI), has unveiled the country's first UPI ATM. This innovation aims to seamlessly integrate the convenience and security of the Unified Payments Interface (UPI) into traditional ATM transactions. With UPI accounting for over 50% of digital transaction volumes in the nation, this development is poised to revolutionize the way Indians access cash, particularly in remote areas.
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A seamless and secure cash withdrawal process
The UPI ATM promises a seamless and secure cash withdrawal process. With this innovative ATM, the steps to withdraw cash are remarkably straightforward. You simply need to select your desired withdrawal amount, and the UPI QR code corresponding to that amount is displayed. Then, you scan the QR code using your UPI app, enter your UPI PIN to authorize the transaction, and collect your cash. The UPI ATM is built on the Android operating system, as per Hitachi Payment Services.
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How UPI ATM differs from cardless cash withdrawals?
While cardless cash withdrawals offered by banks rely on mobile numbers and OTPs for verification, the UPI ATM operates through QR-based cash withdrawals. This fundamental difference in technology enhances security and simplifies the transaction process. To use UPI ATM, you need to have a UPI application installed on your Android or iOS smartphone. This accessibility extends to a broad spectrum of UPI users across the country, aligning with India's continued endeavors to promote digital payments and financial inclusion.