Viral Video: Man Demonstrates Cardless Cash Withdrawal at India’s First UPI-ATM, Sparking Fintech Enthusiasm – Get the Full Story Here!
A viral video featuring a man conducting a cardless cash withdrawal at India’s first UPI-ATM has ignited excitement in the fintech community. The groundbreaking UPI-ATM, developed by Hitachi Payment Services in partnership with the National Payments Corporation of India (NPCI), made its debut at the Global Fintech Fest in Mumbai, promising secure and convenient cash withdrawals without the need for a physical card. Union Minister Piyush Goyal expressed his enthusiasm for this innovation on X (formerly Twitter), declaring it the future of fintech.
The video, starring fintech enthusiast Ravi Sutanjani, demonstrates the simple process of withdrawing Rs 500 using the UPI (Unified Payments Interface). Sutanjani referred to this feature as an “innovative addition for Bharat.” The process involved clicking on the “UPI cardless cash” option, selecting the desired withdrawal amount, scanning a QR code with the BHIM app, choosing the bank account, entering the UPI PIN, and completing the transaction. Cash was dispensed from the ATM, showcasing the convenience of the system.
Sutanjani’s video gained over 2.2 million views. The UPI-ATM, a white-label ATM designed for cardless cash withdrawals, allows customers of participating banks to access funds without an ATM or debit card. Transactions are subject to a Rs 10,000 withdrawal limit, aligning with existing daily UPI transaction limits and specific bank-set limits for UPI-ATM transactions. This enables customers to access multiple accounts via the UPI app.
This service is accessible to registered UPI app users on both Android and iPhone platforms. While currently available in Mumbai, the UPI-ATM roll out is set to expand nationwide in the coming months. India’s inaugural cardless UPI-ATM represents a significant advancement in the fintech landscape, offering secure and convenient cash withdrawals with just a few taps on a mobile device.
