How to Withdraw Cash from ATM Using UPI
We have all been in a situation when we are in urgent need of hard cash but don’t have our ATM card on us. But, the one thing that we are always (like 99% of the time) is our phones. National Payments Corporation of India (NPCI) understands that and has unveiled UPI ATM cash withdrawal capabilities. This innovative solution is aimed at simplifying the process of cardless cash withdrawals at ATMs, especially during emergencies.
The feature dubbedInteroperable Cardless Cash Withdrawal (ICCW)will allow you to seamlessly use your smartphone and preferred UPI app to easily dispense cash at ATMs. Continue reading below to learn how you can also use UPI to withdraw cash from ATMs.
A Guide to Withdraw Cash Using UPI ATM
If you find a UPI-compatible ATM, follow the steps below to withdraw cash from the ATM using your favorite UPI app:
Moreover, the NPCI has partnered with Hitachi Payment Services tolaunch the first-ever UPI ATMin India. The White Label ATM (WLA), dubbed as the Hitachi Money Spot UPI ATM, will facilitate QR-based cardless cash withdrawal.
How Is UPI ATM Different from Cardless Cash Withdrawal?
With UPI-based cash withdrawal, you can enjoy the same seamless benefit as cardless cash withdrawal. However, the key difference is that you do not need to provide your phone number and rely on OTPs to verify your transaction. With the UPI ATM functionality, all you need to do is scan the displayed QR code on your smartphone. Union Minister Piyush Goyal posted a video on X (formerly Twitter) showcasing this feature in action:UPI ATM: The future of fintech is here! 💪🇮🇳pic.twitter.com/el9ioH3PNP— Piyush Goyal (@PiyushGoyal)September 7, 2023
UPI ATM: The future of fintech is here! 💪🇮🇳pic.twitter.com/el9ioH3PNP— Piyush Goyal (@PiyushGoyal)September 7, 2023
Also, while using UPI ATMs, the withdrawal limit is set at Rs 10,000, and you will be able to easily switch between different accounts from your installed UPI app. The cash withdrawal will be part of your existing daily UPI transaction limit, so be careful while withdrawing money from ATMs.
Siddhartha Samaddar
A curious being who is fascinated by the world of tech and literature alike. Always in the lookout for the “next big thing” in software. In my free time you can find me either trying my hand at gaming or daydreaming about my “ideal gaming setup.”
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