People have been using the debit card for withdrawing cash from the ATM. But now, you will be able to take out the cash using UPI apps like Google Pay and Paytm by just scanning the QR Code. For this purpose, NCR Corporation, which is the ATM company, has recently launched the first interoperable cardless cash withdrawal (ICCW) solution based on the UPI platform. So now, if you forget to carry your debit card, you will still be easily able to withdraw the amount you require.
Here are the details one needs to know about the development.
ATMs being upgraded
To install these special ATMs based on ICCW, the City Union Bank has joined hands with NCR Corporation. According to the information provided by DNA India, more than 1500 ATMs have been upgraded so far and the work is rapidly in progress to upgrade more ATMs.
To withdraw money from the ATM using a UPI app, one can follow the below-mentioned simple steps:
Step1: Open any UPI app like Google Pay, BHIM, Paytm, PhonePe, Amazon on your smartphone
Step 2: After opening the app, you will have to scan the QR code shown on the ATM screen
Step 3: Next, you will have to enter the cash amount you want to withdraw and then press the proceed button. Also, currently, you will be able to withdraw only Rs 5,000 at a time using this facility
Step 4: After pressing the proceed button, you will have to provide a 4 or 6 digit UPI PIN
Step 5: At last, you can collect the cash from the ATM
UPI and it's function
UPI or the Unified Payments Interface is a real-time payment system that is used to instantly transfer money from one bank account to another using the mobile app. To use this facility, you will only have to link your bank account with the UPI app. Also, an individual can operate more than one bank account through one UPI app.