Banking services have evolved, and with the acceptance of the internet and smartphone technology, banking has also adapted to the smarter mode. These days, taking money out of the bank is not very technical, and it is more convenient as well as accessible for users, who are uncomfortable in using the cards. Recently, it was discovered that the banks have adopted smart advancements, which as the ability to withdraw cash from ATMs without using an ATM card.
Cardless ATM withdrawals
Traditionally, to withdraw money from an ATM a card. However, there are instances when you will need cash but do not have a card with you. Indian banks have adapted innovations and via mobile banking, it is possible to withdraw cash by using your smartphone.
This feature was made possible via the Unified Payments Interface (UPI) system, which was introduced by the National Payments Corporation of India (NPCI).
How to withdraw cash by using UPI?
- Here are the steps to withdraw money from an ATM by using the UPI app, available on your smartphone:
- Visit a UPI-Enabled ATM: Locate an ATM that supports UPI cash withdrawal. This information will be displayed on the ATM or could be confirmed by your bank or UPI app as well.
- Select the UPI option: On the ATM screen, choose the ‘UPI Cash Withdrawal’ option.
- Enter the withdrawal amount which you wish to withdraw.
- Scan the QR code: The ATM will generate a QR code on its display and you need to scan the same via the UPI app which is available on your smartphone.
- Authorise the transaction: You need to complete the transaction by giving the authorization which can proceed via the UPI app (available on your smartphone). Once the authorisation is approved, the ATM will dispense the cash instantly.
Important considerations
In the process of withdrawing cash from an ATM by using UPI, there are a few things you must keep in mind:
- Verify UPI Compatibility: Make sure that your UPI app has the ATM transaction feature enabled. This feature could be found in the app settings or by checking with the customer service of your bank.
- Check ATM UPI support: Not all ATMs are equipped to handle UPI transactions. So, you need to make sure that the ATM you choose is UPI-enabled.
Benefits of UPI-based ATM withdrawals
Using your smartphone to withdraw cash from ATMs offers several benefits:
- Convenience- You no longer need to worry about forgetting or losing your ATM card, as you have a smartphone with UPI to extract money.
- Security- The UPI system uses QR code scanning and in-app authorisation, which reduces the risk of card-related fraudulent activities.
- Speed- This indeed is faster than using a card which needs a long process. It eliminates the need to enter card details and PIN as well.
Embrace the future of banking
As technology has evolved, similarly the UPI-enabled cash withdrawals are just one example of how digital advancements are simplifying financial transactions.
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