Now you can withdraw cash from UPI

Now cash can also be withdrawn through Unified Payment Interface i.e. UPI. UPI ATM is showcased at the ongoing Global Fintech Fest in Mumbai. No card is required to use this ATM. Money can be withdrawn by simply scanning the QR code. This ATM has been developed by the National Payments Corporation of India.

Here we are answering 8 important questions related to this ATM:

1. How to withdraw money from UPI ATM?

• Select UPI Cardless Cash at the ATM machine.
• Choose amount like 100, 500, 1000, 2000, 5000.
• The QR code will be displayed at the ATM. Scan with UPI app.
• Enter UPI PIN. Now the cash will come out.

2. Do all UPI apps work at this ATM?
National Payments Corporation of India has developed UPI. Therefore, whatever apps provide UPI service can be used to withdraw money at UPI ATM.

3. Where is UPI ATM service available now?
Currently, UPI ATM has been showcased at the ongoing Global Fintech Fest in Mumbai. Gradually these machines will be installed across the country. However, information about how long this will happen has not been given.

4. How much money can be withdrawn at one go?
10,000 rupees can be withdrawn at a time from UPI ATM. Withdraw cash from multiple accounts using the UPI app. No need to keep different bank cards together.

5. How to get money stuck in ATM?
Just as when money gets stuck while withdrawing cash from debit card, we complain to the bank. Similarly, if money is stuck in UPI ATM, you can go to the bank and complain about it.

6. In how many ways can the money be withdrawn now?
You can withdraw money through debit card, credit card or by going to the bank. Some banks also provide cordless withdrawal facility at ATM, but for this internet banking service should be activated.

7. Still can withdraw money without card?
Cardless cash withdrawals are based on mobile and OTP, whereas at UPI-ATM you just have to scan the QR code. Then the PIN has to be entered and the cash will come out.

8. What should those who do not have a smartphone do?
QR code cannot be scanned without a smartphone. Therefore, those who do not have a smartphone cannot use this ATM. They can withdraw money through debit card.

Hitachi also launched UPI ATM
Japanese company Hitachi has also launched a similar ATM. It is the country's first White Label UPI ATM (WLA). Hitachi has ATMs at more than 3000 locations across the country. ATM machines whose ownership, maintenance and operation rest with a non-banking service provider are called WLAs.

RBI had issued a new rule in May 2022
Last year, on May 19, the Reserve Bank of India (RBI) had issued a circular informing about providing cash withdrawal facility through UPI. In the circular, RBI had said that all banks, ATM networks and White Label ATM Operators (WLAOs) should provide the facility of 'Inter-Operable Cardless Cash Withdrawal' (ICCW) on their ATMs.

UPI transactions crossed 1 thousand crores in August
The number of UPI transactions increased to 1,024 crore in August 2023. Whereas in August, the value of total transactions i.e. transaction amount has been more than Rs 15.18 lakh crore. In August 2022, a total of 658 crore transactions were done through UPI. In July this year, the total transactions through UPI were 996 crores.