The technological advancement has given access to a hassle-free transaction in the recent past. Now a very new feature has been introduced in the global fintech fest 2023, where we can avail Cash without the worry of carrying a card.
Since the last decade, India has been witnessing the changes in the technology in every sector. How digitalization has made life easier in the recent years, have been discussed worldwide. Today, India stands to be the largest to make online transactions and using UPIs for making payments in all sectors.
The introduction of the UPI ATM can a game-changer in the future. It is true that, making online payment does not require debit/credit card anyway, but in case of cash requirement or withdrawal of cash from an ATM require a card. But this revolutionary feature could be a stress-free solution in case of an emergency.
5 easy steps guide to operate the UPI ATM is mentioned below:
Step 1- Select the UPI cash withdrawal option.
Step 2- Select the withdrawal amount.
Step 3- Scan the QR code displayed on the screen using your UPI app.
Step 4- Authorize the transaction by entering your UPI PIN
Step 5- Collect the cash dispensed.
This revolutionization for monetary transactions is constantly becoming updated and more futuristic, leading to great convenience in everyday life and paving the way for more such innovations. As the need for physical property gets eliminated and the virtual assistance represents. Similarly, the UPI ATM provides the same ease for banking convenience only with the mobile phones. The withdrawal would have a 10,000 limit for every transaction in initially.
RBI also seems positive about this very groundbreaking innovation, as this could provide sufficient prevention from financial fraud by card skimming or misuse of cards by other means.
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