Since the last decade, India has been witnessing the changes in the technology in every sector. How digitalization has made life easier in recent years, has been discussed worldwide. Today, India stands to be the largest to make online transactions and use UPIs for making payments in all sectors.
The introduction of the UPI ATM can be a game-changer in the future. It is true that making online payments does not require a debit/credit card anyway, but in case of cash requirement or withdrawal of cash from an ATM requires a card. But this revolutionary feature could be a stress-free solution in case of an emergency.
5 easy steps guide to operating 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 mobile phones. The withdrawal would have a 10,000 limit for every transaction 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.
Technological advancement has given access to a hassle-free transactions 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.
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