UPI ATM is a new term that you will hear in your daily life in the coming days. Through UPI ATMs, people will be able to withdraw cash without using their debit card. Yes, you heard it right, cardless cash is now becoming a reality as Hitachi has launched its UPI ATMs in India. Hitachi’s UPI ATMs will allow people to withdraw money simply by using their UPI IDs to replace debit cards. Many people also consider UPI ATM as a game changer in the banking system as it will withdraw cash very easily. Let’s dive deep into the details and analyze whether UPI ATMs are good for banking or not. Kindly scroll down the page and read more details. Swipe down the page.
UPI ATM cash withdrawal launched
Imagine if you are in desperate need of cash and find yourself in a bind when you suddenly realize you forgot to bring your wallet or your debit card is with someone else in your family. In this situation UPI ATMs will not let you run out of cash. You can easily withdraw money using your UPI ID. Not to mention, these kinds of situations are very familiar to all of us. So Hitachi India came up with a solution and launched UPI ATMs in India. Continue reading this article to find out more details.
What is UPI ATM? It is almost an ATM (Automatic Teller Machine), but a little different. A typical ATM needs your debit or credit card to withdraw cash, but this UPI ATM doesn’t just depend on a debit or credit card as money can also be withdrawn using your UPI ID. Talking about the UPI ATM launch, Hitachi India launched it at the Global Fintech Fest held in Mumbai on September 5, 2023. The company named the UPI ATM “Hitachi Money Spot UPI ATM”. Go to the next section and read more details.
The best thing about UPI ATMs is that people can withdraw cash from their account using a special phone app “United Payments Interface” instead of a card. Currently, banks allow people to withdraw money without using a physical card, and UPI-ATM does the same. The difference between UPI ATM and other ATMs is that you use your mobile phone and one time password (OTP) but UPI ATM uses QR codes to withdraw cash.
Categories: Trends
Source: HIS Education