New system of cash withdrawal
UPI ATM: Forgot your Debit Card at home?
No worries! Withdraw cash with just your mobile!
Today is a historic day for India's banking system. Until now, to withdraw money from an ATM, we had to carry a plastic Debit Card. Often, in a hurry, the wallet gets left behind at home, or the ATM card gets stuck in the machine or lost – we've all experienced such tensions.
But now, RBI (Reserve Bank of India) and NPCI have brought a permanent solution to this problem. Starting today, 'UPI ATM' facilities have been launched in major cities across the country. Now your smartphone will become your ATM card! Let's find out how this facility will work and what benefits you will get.
1. What is UPI ATM?
In simple terms, this is an ATM machine that will not have any slot for inserting a card, or there will be no need to insert a card.
Just as you pay money by scanning a QR code at a vegetable vendor's or grocery store, in the same way, you will now be able to withdraw cash by scanning a QR code on the ATM machine. This technology is called ICCW (Interoperable Cardless Cash Withdrawal).
2. How to withdraw money (Step-by-Step Guide).
This process is very simple and secure. You just need to follow these steps:
- Select Option: Go to the ATM machine and select the "UPI Cash Withdrawal" option on the screen.
- Enter Amount: Enter how much money you need (e.g., ₹500, ₹1000, ₹5000).
- QR Code: As soon as you enter the amount, a QR code will appear on the ATM screen.
- Scan: Now open any UPI app on your mobile (like GPay, PhonePe, Paytm, BHIM) and scan that QR code.
- Enter PIN: Enter your UPI PIN on your mobile (the one you usually use for payments) and click 'OK'.
- Get Money: That's it! Cash will come out of the machine.
3. What will be the benefit for the common person? This new facility will bring three major changes in people's lives:
- Card Tension Gone: Now you don't need to keep a card in your pocket. The mobile is always with you, so you can withdraw money anytime.
- Protection from Fraud (Biggest Benefit): Often, fraudsters install 'skimmers' (data-stealing devices) in ATM machines, which can steal your card data (Card Cloning). Now you don't even insert the card into the machine, so there will be no fear of data theft or card replacement.
- No Worries about Forgetting PIN: The ATM PIN is different, and the UPI PIN is different – many people used to get confused with this. Now, only one UPI PIN will need to be remembered.
4. How much money can be withdrawn?
Initially, for security reasons, NPCI has set a limit of ₹10,000 (ten thousand) per transaction. This limit is sufficient for most people's daily needs. If you need more money, you can make more than one transaction in a day (according to your bank's limit).
Conclusion:
Starting today, major banks in the country (like SBI, HDFC, Bank of Baroda) have upgraded their selected ATM machines and launched this facility. Soon, this system will be seen in ATMs on every street and corner. India is taking another strong step towards the digital revolution!
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