India’s first UPI ATM: How will it be different from cardless cash withdrawals

India's first UPI ATM: The Unified Payments Interface (UPI) has been the fastest-growing payment mode in the country and accounts for more than 50% of digital transaction volumes. After revolutionising India's digital payment system, now country's first UPI ATM was launched on Tuesday. Hitachi Payment Services has introduced 'the country's first-ever UPI-ATM as a White Label ATM (WLA) in association with National Payments Corporation of India (NPCI),

“ This novel offering empowers any bank customer to experience the convenience of QR-based UPI cash withdrawals," Sumil Vikamsey MD and CEO - Cash Business Hitachi Payment Services said.

National Payments Corporation of India (NPCI), said, "We are delighted to empower customers with this innovative and customer-friendly enhancement for ATM transactions. The launch of the ‘UPI ATM,' will mark a significant milestone in banking services by seamlessly integrating the convenience and security of UPI into traditional ATMs. This innovative concept is designed to provide quick access to cash even in remote areas of India without the need for a physical card. "

The UPI-ATM offers a seamless and secure cash withdrawal process. 

Steps to withdraw cash from India's first UPI ATM

-Select the desired withdrawal amount.

-The UPI QR code corresponding to the selected amount will be displayed.

-Scan the QR code using your UPI app.

-Enter your UPI PIN to authorize the transaction.

-Collect your cash.

How is it going to be different from cardless cash withdrawals offered by banks?

At present, card-less cash withdrawals rely on mobile numbers and OTPs, while UPI-ATM operates through QR-based UPI cash withdrawals. UPI-ATM is accessible to UPI users who have a UPI application installed on their Android or iOS devices. 

Users must have a UPI application installed on either their Android or iOS smartphones to perform transactions. 

A 100% subsidiary of Hitachi Ltd., Hitachi Payment Services is a pioneer in the payment industry in India, offering a comprehensive range of payment solutions.