At the Global Fintech Fest 2023, Hitachi Payment Services, a subsidiary of Japanese company Hitachi, introduced an ATM that allows withdrawal of money through UPI. There is no need for ATM card to withdraw money from this ATM. Instead you will need your smartphone. The ATM will show you the QR code and you can scan it and withdraw cash. India is known worldwide for its UPI system. Even Germany has been affected by this facility of digital payment and that is why Germany is now preparing to implement this facility in its country. UPI is being used in large numbers across the country and that is why Hitachi has now made UPI ATM for the convenience of the people. This ATM was introduced on Tuesday. It provides cardless cash withdrawal facility. It has been described as ‘India’s first UPI ATM’. In this ATM, users can withdraw money through UPI without card. The ATM will show a QR code to the user and the user has to scan this QR code with his phone and the money will be deducted from the account and the cash will be withdrawn from the ATM. On Thursday, Union Minister Piyush Goyal posted a video on Twitter, in which the fintech Veteran Ravisutanjani is shown explaining how to withdraw cash from an ATM using UPI. In this video, Ravisutanjani first click on the UPI Cardless Cash option visible on the screen and enter the withdrawal amount as per your wish. After this a QR code appears on the ATM screen. They then scan the QR code using the BHIM app and enter their UPI PIN. The ATM dispenses cash within a few seconds. While sharing the video, the Minister wrote, “UPI ATM: The future of fintech is here!” This unique ATM has been developed by the National Payments Corporation of India in collaboration with Hitachi and it Will be operated by NCT Corporation. The new UPI ATM currently supports BHIM UPI app, but it will soon go live on other apps like Google Pay, PhonePe and Paytm.
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Money will be withdrawn from ATM without debit card, Anand Mahindra shared the video, said – alarm bell for credit card companies?
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, 2023It 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.