Instead of the familiar routine of swiping debit or credit cards to get cash from an ATM, imagine just scanning a code. Sound intriguing? Enter the new innovation by the ‘Hitachi Payment Services Company’, in partnership with the National Payments Corporation of India (NPCI): the ‘Hitachi Money Spot UPI ATM’.
Unveiled at the Global Fintech Fest-2023 in Mumbai, this ATM lets you withdraw cash without fumbling for your card. Curious about its operations? Let’s delve in!
To initiate a UPI cash withdrawal, decide the amount you want. At the ATM, choose the UPI cash withdrawal option, input the desired amount, and select the QR code scanner.
Next, fire up your UPI app, scan the ATM’s QR code, punch in your UPI PIN, and voila! The ATM whirs into action and hands over your cash.
Lost your card? Forgot your PIN? No worries. With these ATMs, seconds are all it takes to access cash via your phone. No need for extra apps like PhonePe or Google Pay; this ATM does it all.
Bank of Baroda, a major national bank, pioneered this feature in June, boasting UPI services across various outlets. They took pride in being the initial public sector bank to offer this.
The Global FinTech Fest also saw the Union Bank of India showcase this innovative ATM. A demo is available here for the curious souls:
However, keep in mind: that UPI transactions at these ATMs count toward your withdrawal limit. Exceed it, and you’ll face fees. As of now, Union Bank’s UPI ATM aligns with the BHIM UPI App, but soon, it’ll accommodate all UPI apps.
