Mumbai – At the ongoing Global Fintech Fest in Mumbai, a groundbreaking development in the realm of digital payments was unveiled, showcasing an innovative UPI ATM designed to enable cardless cash withdrawals. This technological advancement, often hailed as a “game changer,” represents a significant stride in India’s financial technology landscape.
The Unified Payments Interface (UPI) has emerged as the swiftest-growing mode of immediate money transfers through mobile devices in the country. The new UPI ATM, aptly referred to as ‘India’s first UPI ATM,’ eliminates the necessity of carrying physical ATM cards, making financial transactions more convenient and secure.
Union Minister Piyush Goyal shared a video on social media demonstrating the functionality of this UPI ATM. In the video, a FinTech influencer, Ravisutanjani, initiates a cardless cash withdrawal by selecting the UPI option on the ATM screen. Following this, the desired withdrawal amount is entered, prompting the generation of a QR code on the ATM display. Ravisutanjani proceeds to scan this QR code using the BHIM app and enters the corresponding UPI PIN, culminating in the successful withdrawal of cash.
Minister Goyal’s endorsement of this innovation was evident in his caption, where he described the UPI ATM as the “future of fintech.”
Developed by the National Payments Corporation of India (NPCI) and powered by NCR Corporation, the UPI ATM is a pioneering venture in the financial technology sector. While currently accessible through the BHIM UPI app, plans are underway to extend its compatibility to other popular apps such as Google Pay, PhonePe, and Paytm.
While this technology is not yet widely available, it is being introduced in phases, promising a transformative impact on the ease of financial transactions in the digital age.
The UPI has recently achieved a remarkable milestone by surpassing 10 billion transactions in a single month, reaching an all-time high of 10.58 billion transactions in August. This unprecedented growth in UPI transactions underscores India’s burgeoning potential to conduct 100 billion Unified Payments Interface (UPI) transactions each month.
In response to this innovation, users have expressed their enthusiasm, praising the convenience and accessibility it offers, particularly for those less familiar with traditional debit cards, making it a notable advancement in the realm of financial technologies.