Bank of Baroda (Bank), a public sector lender, on Friday said it has enabled the UPI ATM facility at over 6,000 Bank of Baroda ATMs across the country. It is the first public sector bank to launch UPI ATMs, in coordination with the National Payments Corporation of India (NPCI) and powered by NCR Corporation. Earlier this week, Hitachi Payment Services launched India’s first UPI-ATM during the Global Fintech Fest in Mumbai, offering secure cardless cash withdrawals.
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UPI, or Unified Payments Interface, is an online platform operated by NPCI that enables instant transfer of money between bank accounts.
How will UPI ATMs work?
With the launch of UPI ATMs, customers will be able to use any UPI-enabled mobile app to withdraw cash from UPI ATMs without having to use their debit card. Using the Interoperable Cardless Cash Withdrawal (ICCW) technology, which facilitates cardless cash withdrawals through ATMs, the UPI ATM will enable seamless QR-based cash withdrawals, doing away with the need to carry a card to withdraw cash.
One of the major benefits of the UPI ATM facility is that customers will be able to withdraw cash from multiple accounts linked to UPI. A UPI ATM transaction is expected to be quicker, more convenient, and secure as it generates a single-use dynamic QR code for every transaction and ensures a safe banking experience.
Key features
The withdrawal limit for UPI ATMs is currently capped at Rs 10,000 per transaction. This will be part of the existing daily UPI limit and as per the limit set by the issuer bank for UPI-ATM transactions. There will be no need to carry a card for ATM cash withdrawals and one can take out cash from multiple accounts using the UPI app.
How to use UPI ATM
Step 1: Select the “UPI Cardless Cash” option on the ATM screen
Step 2: Choose the cash withdrawal amount
Step 3: Scan the QR Code displayed on the ATM screen using a UPI app
Step 4: Select the bank account to be debited, if multiple bank accounts are linked to a single UPI ID
Step 5: Confirm the transaction using the UPI PIN and collect the cash.
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