NCR Corporation, a company responsible for manufacturing ATMs known as ATMs, has launched an interoperable cardless cash withdrawal system enabled by UPI in India. The company, in partnership with the National Payments Corporation of India (NPCI) and Citi Union Bank, launched this facility.
This technology will allow users to withdraw money from ATMs without the need for a credit or debit card. City Union Bank said that about 1,500 of its ATMs nationwide are already supporting the technology.
How to withdraw money using this technology?
With the help of this new facility, users will be able to withdraw money using their mobile and any UPI-enabled application like BHIM, Paytm, GPay, PhonePe, etc. You do not need to carry an ATM card.
To withdraw funds:
- Go to any ATM that supports this service and scan the QR code on the device.
- Enter the exact amount you want to withdraw.
- You must authorize the transaction using the UPI-enabled mobile app.
- Once the transaction is approved, you can withdraw money.
Since QR codes are dynamic, they constantly change with each transaction and therefore cannot be copied. This also ensures that the transaction through this process is secure.
The withdrawal of this new system is likely to be capped under Rs 5,000 initially and is likely to increase later.
When will this facility be available to everyone?
NCR and NPCI are currently discussing how to implement this feature in all ATMs in the country. The two agencies are in constant contact with public and private sector banks, and an official association between them will be announced in the next two months.
An NCR spokesperson stated that he has updated his existing software to allow this installation at City Union ATMs. Since it is not necessary to upgrade the devices, this service can be provided in all ATMs in the country.
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