With UPI-based applications providing cash withdrawals at ATMs, major banks in the country are already introducing this new feature in ATMs. With the help of this, it will be possible to withdraw money through ATMs through scans and other ways.
A new option to withdraw money at ATMs through UPI-based applications like Google Pay, PhonePe, and Paytm, which have gained immense popularity across the country, is soon available across the country. Even though the method of withdrawing money at an ATM with the help of mobile applications like yonoSBI is already in use, the option of scanning and withdrawing money through UPI-based applications was not available till now. But, soon such an option is being given to the people of the country. From this, it is known that it will be possible to withdraw money easily at ATM even without a credit card or debit card.
Yes, the opportunity to withdraw cash at ATMs through UPI-based applications is being envisioned, and major banks in the country are already introducing this new feature change in ATMs. With the help of this, it will be possible to withdraw money through ATMs through scans and other ways. That means, just like currently scanning and making online payments through UPI apps, one can also scan and withdraw money at an ATM. The amount thus withdrawn is deducted from the customer’s bank account. ATMs will now allow cash withdrawals in denominations of Rs 50, 100, 200, 500, and 2000 or the like.
Engineers are working on a new method of withdrawing money at ATMs through UPI-based applications and some limitations, and within the next few months, such a service and the changing technology will be available at all ATM centers in the country. Meanwhile, the customer has to follow some important steps below to withdraw money through UPI app.
-Any ATM will be able to withdraw cash by selecting the Scan UPI option on the display.
-The bank account added to the UPI app must be active on a smartphone with internet connectivity.
-The amount you want to withdraw should be entered on the sequence (i.e. the amount you enter should be able to be withdrawn at the ATM)
-“Secret PIN” has to be entered on your smartphone after a successful withdrawal process at ATM.
-Now you will receive a UPI-based payment message from your bank account after which the money will be withdrawn from the ATM.
It may be noted that RBI Governor Shaktikanta Das said in a press conference while announcing the last bi-monthly monetary policy review that the facility to withdraw money at ATMs through UPI-based applications will ‘help prevent financial fraud (scams) including skimming, card cloning, etc.’