In a digital world where transactions are becoming seamless, customers can now withdraw cash from the automated teller machines (ATM) using UPI apps like Google Pay and Paytm by just scanning the QR Code.
What’s the new platform?
NCR Corporation, the maker of ATMs has launched the first interoperable cardless cash-withdrawal (ICCW) solution. The system, based on Unified Payments Interface (UPI) platform has been developed in collaboration with the City Union Bank. The bank has upgraded its 1,500 ATMs with the facility which will be QR code-based.
UPI or the Unified Payments Interface is a real-time payment system that is used to instantly transfer money from one bank account to another using the mobile app. To use this facility, you just need to link your bank account with the UPI app. Also, an individual can operate more than one bank account through one UPI app.
To withdraw money from the ATM using a UPI app, one can follow the below-mentioned simple steps:
Step1: Open any UPI app like Google Pay, BHIM, Paytm, PhonePe, Amazon on your smartphone
Step 2: After opening the app, you will have to scan the QR code shown on the ATM screen
Step 3: Next, you will have to enter the cash amount you want to withdraw and then press the proceed button. Also, currently, you will be able to withdraw only Rs 5,000 at a time using this facility
Step 4: After pressing the proceed button, you will have to provide a 4 or 6 digit UPI PIN
Step 5: At last, you can collect the cash from the ATM
UPI and it’s function
UPI or the Unified Payments Interface is a real-time payment system that is used to instantly transfer money from one bank account to another using the mobile app. To use this facility, you will only have to link your bank account with the UPI app. Also, an individual can operate more than one bank account through one UPI app.
