UPI ATM: On Tuesday, September 5 - Hitachi Payment Services, announced the launch of the country's first-ever UPI ATM as a White Label ATM (WLA) in association with National Payments Corporation of India (NPCI), offering secure card-less cash withdrawals.
The showcase of this newly launched Hitachi Money Spot UPI ATM was done at the Global Fintech Fest 2023 in the presence of RBI Governor Shaktikanta Das and Dilip Asbe, CEO and MD, of NPCI.
The UPI-only ATM significantly enhances customer security by eliminating the need for physical cards. Hitachi Payment Services' ''The Hitachi Money Spot UPI ATM" will provide customers with a unified and secure user experience while offering them the convenience of card-less cash withdrawals.
The Global Fintech Fest (GFF) is a large fintech conference organized by the National Payments Corporation of India (NPCI), the Payments Council of India (PCI), and the Fintech Convergence Council (FCC).
What Is UPI ATM And How Does It Work?
The UPI ATM will allow any bank account holder to withdraw cash using UPI app. Anyone with a registered UPI app will be eligible for UPI ATM transactions.
During its showcase at the Global Fintech Fest, Ravisutanjani Kumar an avid FinTech enthusiast shared a video on X (formerly Twitter) showcasing the UPI ATM and how to make a cash withdrawal using UPI
🚨 ATM Cash Withdrawal using UPI
September 5, 2023
Today I Made a Cash Withdrawal using UPI at Global FinTech Fest in Mumbai
What an Innovative Feature for Bharat pic.twitter.com/hRwcD0i5luHow To Withdraw Cash From UPI ATM?
Here are the steps one needs to follow to withdraw money from the UPI-ATM machine.
Step 1) Click on 'UPI Cardless Cash' displayed on the screen.
Step 2) Select the amount you want to withdraw from the following denominations shown on the screen - 100, 500, 1000, 2000, 5000.
Step 3) A QR code for the chosen amount will appear on the screen.
Step 4) Scan the QR code using any UPI app on your mobile device.
Step 5) Input your UPI PIN to authorise the UPI cash withdrawal transaction.
Step 6) The UPI app will display a confirmation message and the ATM machine will dispense the requested amount of cash.
Step 7: Collect the cash.
UPI ATM - A Game Changer?
The video shared by Ravisutanjani Kumar soon went viral and many known personalities from the business and political world hailed this new innovation. From Anand Mahindra to Piyush Goyal, the UPI ATM as been labelled as "the future of the fintech industry."
This UPI ATM was apparently unveiled at the Global Fintech Fest 2023 in Mumbai on September 5. The speed at which India is digitising financial services & making them consumer-centric as opposed to corporate-centric (Alarm bell for credit card companies?) is simply dazzling.… pic.twitter.com/krBXhbc9Qh
September 7, 2023UPI ATM: The future of fintech is here! 💪🇮🇳 pic.twitter.com/el9ioH3PNP
September 7, 2023Global Fintech Fest 2023
Reserve Bank of India Governor Shaktikanta Das announced on Wednesday four new features on the Unified Payments Interface.
Addressing fintech founders and other employees at the Global Fintech Fest, Das announced the launch of credit lines on UPI, UPI Lite X, Tap and Pay, and conversational payments.
AdvertisementHitachi And NPCI On UPI ATM
Here's what Sumil Vikamsey, Managing Director & Chief Executive Officer – Cash Business, Hitachi Payment Services, said during the launch of the Hitachi Money Spot UPI ATM at the Global FinTech fest.
“As India's leading end-to-end payments and commerce solutions provider, we are happy to launch an industry-first offering in the White Label ATM space with Hitachi Money Spot UPI ATM. This novel offering empowers any bank customer to experience the convenience of QR-based UPI cash withdrawals. UPI has been the fastest growing payment mode in the country and accounts for more than 50% of digital transaction volumes. The Hitachi Money Spot UPI ATM is a testament to Hitachi Payment Services' technological capabilities and commitment towards making innovative banking services accessible to citizens across the country.”
NPCI in association with whom this UPI ATM was launched 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 the remote areas of India without the need for a physical card."
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