In India, digital payments are becoming easier and more common every day. Many banks now offer new ways for you to pay online and safely withdraw money. One exciting option is the Unified Payments Interface (UPI), which has made transactions quick and simple right on your phone. You might already know about taking out cash from ATMs with debit cards, but now you can withdraw cash without a card by using UPI ATM. This easy method uses a QR code on the ATM screen that you scan with your phone to get cash.
If you want to know how to withdraw cash from a UPI ATM, keep reading. In this article, you’ll find all the details about UPI ATM and how it helps you withdraw cash safely without needing a card.
Overview of UPI ATM
The first UPI ATM in India was started by the National Payments Corporation of India (NPCI) along with Japan’s Hitachi company. This ATM is a White Label ATM (WLA) that lets customers withdraw money using UPI, without needing a debit card. It’s a great way to promote digital payments and reduce our reliance on cards. For example, before you needed a debit card to withdraw money from Paytm, but now with UPI ATM you can do this without any card, which is both easy and safe.
The first UPI ATM was used in Mumbai during the Global Fintech Festival on 5th September 2024. Right now, UPI ATM works with the BHIM UPI app, and soon it will be available on other popular UPI apps like Google Pay, PhonePe, and Paytm. Since it’s still in the early phase, more improvements are expected soon.
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How to Withdraw Cash from UPI ATM?
- Go to the UPI ATM and select the “UPI Cash Withdrawal” option on the screen.
- Enter the amount of money you want to withdraw.
- After entering the amount, a QR code will show up on the ATM screen.
- Open your UPI app and scan the QR code shown on the ATM screen.
- Enter your UPI PIN to approve the transaction.
- Within a few seconds, the ATM will give you the cash.
- This way, you can easily take out money from the UPI ATM without using a debit card.
The Growing Popularity of UPI
You don’t need a card or one-time password (OTP) anymore to withdraw money from ATMs. UPI makes ATM cash withdrawal simple: just scan the QR code on the screen. Recently, UPI reached an amazing milestone by completing over 10 billion transactions in a single month. For example, in August, the total number of UPI transactions hit a record high of 10.58 billion. A senior NPCI official has shared that the UPI system in India can handle 10 billion transactions every month.
Main Features of UPI ATM
- Works with many banks and apps (Interoperable)
- No need for a debit card to get cash
- Transaction limit up to ₹10,000 per withdrawal
- Just scan the UPI QR code on the ATM screen to withdraw cash
- You can withdraw cash from multiple accounts linked to your UPI app
UPI ATM is a big step forward in making cash withdrawals easier and safer for everyone. As this technology develops, more and more people will enjoy cardless, smooth, and quick cash withdrawals anywhere in India.