Will debit cards, used to withdraw money from ATMs, become a thing of the past? The UPI ATM unveiled in Mumbai has shown this possibility. An ATM has created a stir at the Global Fintech Fest 2023, which does not require a card to withdraw money. You just need to have a smartphone in your pocket. Just as you make payment through UPI by scanning the QR code, in the same way you will be able to withdraw money from ATM. This idea has also won the heart of businessman Anand Mahindra. He has seen UPI ATM as an alarm bell for credit card companies. Chairman of Mahindra & Mahindra Group has made a post on social media platform X regarding UPI ATM. This post also contains a 1 minute 8 second video, which shows how to use UPI ATM. In his post, Anand Mahindra wrote, this UPI ATM was unveiled on September 5 at the Global Fintech Fest 2023 in Mumbai. Is the pace at which India is digitizing financial services and making them consumer-centric rather than corporate-centric, an alarm bell for credit card companies? Anand Mahindra also writes, I just have to make sure that my phone is not misplaced!
This UPI ATM was apparently unveiled at the Global Fintech Fest 2023 in Mumbai on September 5. The speed at which India is digitizing financial services & making them consumer-centric as opposed to corporate-centric ( Alarm bell for credit card companies?) is simply dazzling.… pic.twitter.com/krBXhbc9Qh— anand mahindra (@anandmahindra) September 7, 2023
It can be seen in the video that a young man is withdrawing money from the UPI ATM. Also explains the entire process. He clicks on the ‘UPI Cardless Cash’ option. After this, the option to withdraw cash of Rs 100, 500, 1000, 2000 and 5000 appears on the ATM display. The young man clicks on the display to withdraw Rs 500, after which a QR code appears on the ATM. The young man scans that QR code through BHIM app on his mobile. Rs 500 is deducted from his account on his phone and the cash is withdrawn from the ATM.