UPI-ATM, known as the Interoperable Cardless Cash Withdrawal (ICCW) service, allows customers to conveniently access cash from various participating banks’ ATMs without the need for physical cards. All you need is your smartphone and a UPI app enabled for ATM transactions.
NPCI’s Approval and Initial Trials
The National Payment Corporation of India (NPCI) has approved UPI-enabled withdrawals, eliminating the need to carry debit cards everywhere. According to a MySmartPrice report, initial tests in Mumbai ATMs showed that cardless withdrawals were more complicated than traditional card processes. However, after a few trials, it was found that withdrawing cash from ATMs via UPI apps was easier than using debit cards.
Steps to Withdraw Cash Using UPI Apps
Select UPI Cash Withdrawal: Choose the ‘UPI cash withdrawal’ option at the ATM and enter the amount you wish to withdraw.
QR Code Generation: A unique dynamic QR code (signed) will appear on the ATM screen.
Scan QR Code: Use any UPI app to scan the QR code.
Authorize Transaction: Authorize the transaction by entering your UPI PIN on your mobile device using the UPI app to access the cash from the ATM.
Note: The transaction may take about 30 seconds to process. Do not panic if there is a slight delay.
UPI-ATM Cash Withdrawal Limits
Customers can withdraw a maximum of Rs 10,000, subject to the existing limits of daily UPI transactions and the terms of the specific bank. These limits can vary from one bank to another.
Benefits of UPI-ATM Cash Withdrawal
Convenience: No need to carry physical cards.
Availability: This service is available across most banks and ATMs supporting the UPI platform.
Accessibility: Ideal for new account holders who have not yet received their physical cards, allowing them to withdraw money easily.
