UPI ATM Cash Withdrawal launched: Withdraw money without using debit card

UPI ATM is the new term that you will hear in your daily life in the forthcoming days. Through UPI ATM, people will be able to withdraw cash without using their debit card. Yes, you heard it right, Cardless Cash is now becoming a reality as Hitachi has launched its UPI ATMs in India. The UPI ATMs by Hitachi will allow people to withdraw money by simply using their UPI IDs to replace their debit cards. Many people are also considering UPI ATM as a game changer in the banking system as it will make it very easy to withdraw cash. Let’s delve deep into the details and analyze if UPI ATMs are good for banking or not. Kindly drag down the page and read more details. Swipe down the page.

UPI ATM Cash Withdrawal launched

Think if you are in desperate need of cash and you find yourselves in a tight spot when you suddenly realize you have forgotten to carry your wallet or your debit card is with someone else from your family. In this situation, UPI ATMs will not let you short of cash. You can easily withdraw money by using your UPI ID. Not to mention, these types of situations are very familiar to all of us. Therefore, Hitachi India came up with a solution and launched UPI ATMs in India. Continue reading this article and learn more details.

What is UPI ATM? It is almost an ATM (Automatic Teller Machine) but a bit different. A typical ATM machine needs your debit or credit card to withdraw cash but this UPI ATM does not only depend on a Debit or Credit card as money can also be withdrawn by using your UPI ID. Talking about the launch of UPI ATM, Hitachi India launched it at the Global Fintech Fest that was held in Mumbai on September 5, 2023. The company called UPI ATM “Hitachi Money Spot UPI ATM”. Shift to the next section and read more details.

The best thing about UPI ATMs is that people can withdraw cash from their account balance using a special phone app “United Payments Interface” instead of a card. At this point in time, banks allow people to withdraw money without using a physical card, and the UPI-ATM does the same. The difference between UPI ATM and other ATMs is you use your mobile and one-time password (OTP), but the UPI ATM uses QR codes for cash withdrawals.