Do this to withdraw cash from an ATM without using bank card

ATM Cash Withdraw: Banking has recently undergone profound change thanks to the advent of the Internet and smartphones, completely transforming how we manage our financial affairs. Do this to withdraw cash from an Automated Teller Machine (ATM) without using bank card.

Banks are increasingly using smart technologies to increase the convenience and accessibility of Automated Teller Machine (ATM) withdrawals, especially for individuals who prefer alternatives to card-based transactions.

Cardless ATM withdrawals utilize mobile banking applications. You usually initiate the withdrawal process in the app by generating a code provided by the bank or by scanning a QR code. Authentication is completed using a PIN or biometric verification (such as a fingerprint) on your mobile device.

The ATM then dispenses the money without requiring the insertion of a physical card. However, to conduct cardless ATM withdrawals, you must use your bank’s mobile app to initiate the withdrawal process. Security measures are implemented through unique codes, QR scans and personal PINs or biometric verification methods to manage authentication.

Depending on the secure communication between your phone and the ATM, cash is dispensed by the ATM without the need for a physical card. ATM withdrawals using the Unified Payments Interface (UPI) (India-specific) method utilize UPI, the digital payment system widely used in India.

It allows you to withdraw money directly from ATMs using your smartphone and the UPI app. Just like with a cardless withdrawal, you initiate the process on your phone and confirm the transaction with a PIN.

Pros and cons of UPI ATM withdrawals:

Please note that UPI ATM withdrawals generally have a transaction limit of Rs 10,000 per transaction, subject to UPI’s daily limits and individual bank rules. One of the key benefits of UPI ATMs is their interoperability, which allows you to withdraw money from any participating bank’s ATM, regardless of your bank affiliation, if both banks support UPI withdrawals.

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Using the UPI service adds an extra layer of security compared to traditional card withdrawals. By using your UPI PIN for authentication, it eliminates the risk of skimming or card cloning.

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Several advantages:

Convenience: Eliminates the need to carry your debit card everywhere.

Security: Reduces the risk of skimming or losing your card.

Accessibility: Provides an alternative for individuals who prefer not to use cards.

Although they are new features, cardless ATM withdrawals and UPI based withdrawals (in India) are still generally inaccessible. Additionally, it is advised to contact your bank directly to confirm support for Cardless ATM withdrawals or UPI ATM withdrawals (in India). You can contact their website, mobile app or customer service for the most up-to-date information.