In 2016, India welcomed Unified Payments Interface (UPI), transforming cashless transactions. Today, it's the nation's fastest-growing payment method, with over 100 million active users. UPI enables access to bank accounts and seamless money transfers.
Now, UPI is set to revolutionize ATMs across India, showcased at the Global Fintech Fest in Mumbai. Union Minister Piyush Goyal shared a video where Fintech influencer Ravisutanjani demonstrated the process of withdrawing cash using only a UPI pin.
This innovation eliminates the need for a physical ATM card. Developed by the National Payments Corporation of India in collaboration with NCR Corporation, it's labeled "India's first UPI ATM."
In the video, Ravisutanjani stands before a touchscreen ATM. He selects "UPI Cardless Cash" and specifies the withdrawal amount. A QR code appears. Using the BHIM UPI app, he scans the QR code, chooses the desired bank account, enters the UPI PIN, and cash is dispensed.
This UPI-enabled ATM promises greater convenience. Users are eager for its widespread deployment, foreseeing a future where India relies less on foreign entities like Visa and Mastercard.
While currently, only the BHIM UPI app supports this feature, others like Google Pay, PhonePe, and Paytm are expected to follow suit. However, this technology is not yet available to the common public.
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