UPI ATM: World’s first UPI ATM in India, Card and PIN less withdrawal system
Now UPI ATM has started in India. Without using an ATM card, cash can be withdrawn at an ATM through the UPI app. This is the first time that the facility of receiving cash using any UPI payment platform has started
The use of UPI payment in India is increasing day by day. Most of the Indians are mostly using the UPI tool for money transactions. Financial technology (pintech) in India has grown significantly in recent years, resulting in continuous improvements in the UPI payment system.
India is emerging as a leading player in the world’s FinTech sector. Now UPI ATM has started in India. Without using an ATM card, cash can be withdrawn at an ATM through the UPI app. This is not the first trial of such UPI ATM in India. ATMs of banks like SBI, HDFC have facilities to withdraw money through UPI.
However, if you want to use it, you need the respective bank’s apps. However, this is the first time that the facility of receiving cash using any UPI payment platform has started. Hitachi Payment Services, one of India’s leading white label ATM operators, is the power behind this UPI ATM.
Hitachi Payment Services has developed the UPI ATM in collaboration with the National Payments Corporation, which developed UPI. There is a risk of card skimming and other crimes in ATM centers. This is missed by UPI ATM.
The QR code displayed on the ATM screen can be scanned from the UPI app and money can be withdrawn easily.
UPI ATM is likely to help upgrade ATM centers in India to meet today’s demands. Hitachi Payment Services, India’s largest white label ATM operator after India1 Payments Ltd, operates more than 8,000 ATM centers across the country. A white label ATM is an ATM service offered to non-banking institutions. Not only this ATM service, Hitachi also provides various fintech services like payment gateway solutions, POS solutions, toll solutions etc.
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