In a groundbreaking move, India has introduced its very first UPI (Unified Payments Interface) ATM, offering lightning-fast cash withdrawals without the need for credit or debit cards. The introduction of UPI in 2016 paved the way for a cashless transaction revolution in the country, and today, UPI stands as the fastest-growing payment method, boasting more than one hundred million active users.This introduction of the UPI ATM is set to revolutionize the country’s ATM systems, making cash withdrawals a seamless experience through the use of just a UPI PIN.
Union Minister Piyush Goyal has taken to sharing a video tutorial demonstrating the straightforward process of withdrawing money from these UPI ATMs. Fintech influencer Ravisutanjani guides viewers through the withdrawal method in the video. This innovative feature has been rolled out in collaboration between the National Payments Corporation of India and NCR Corporation, marking a significant milestone as ‘India’s first UPI ATM.’The video tutorial showcases a user selecting the cardless cash option at a UPI ATM, followed by scanning the displayed QR code using the UPI app. After selecting the desired bank account, users can enter their UPI PIN and effortlessly withdraw cash. Currently, this feature is supported by the BHIM UPI app, with expectations that Google Pay, PhonePe, and Paytm will soon follow suit.