Great news for UPI users! The UPI ATM, launched by the National Payments Corporation of India (NPCI) in September 2023, allows you to withdraw cash without needing an ATM card or credit card. You can use the UPI app to withdraw cash at these ATMs. The UPI ATM was showcased at the Global Fintech Fest in Mumbai and was developed by NPCI in collaboration with the Japanese company Hitachi. Along with the UPI ATM, several new features, including the ability to make UPI payments by speaking, have also been introduced. This ATM functions just like a regular ATM.
Throughout this article, we will provide all the information you need if you want to take advantage of the UPI ATM and withdraw money using it. We will cover topics such as: How to withdraw money from UPI ATM, whether Can UPI be used in ATMs, What is the cash withdrawal limit from UPI ATM, which bank launched the UPI ATM, and more.
How UPI ATM Works
The only difference is that to withdraw money from a regular ATM, you need a debit card. However, with a UPI ATM, you only need a UPI app installed on your mobile phone. Just like making UPI payments by scanning a QR code, you can withdraw cash by scanning a QR code at the UPI ATM. Similar to how UPI eliminates the need to carry cash, UPI ATMs eliminate the need to carry an ATM or credit card to withdraw cash.
Benefits and Features of UPI ATM
- No need for an ATM card or credit card to withdraw money from a UPI ATM.
- Avoid card-related fraud as customers will not need to enter any card numbers or PINs.
- Eliminate the risk of ATM card cloning and card information theft.
- Online transactions will increase rapidly across the country.
- The cash withdrawal limit is Rs 10,000 per transaction, and it will be part of your existing daily UPI limit.
Eligibility Criteria for UPI ATM
- You must have an active bank account.
- Your bank account should be linked to Aadhaar.
- The BHIM UPI app should be active on your mobile.
How to Withdraw Money from a UPI ATM?
Follow these six steps to withdraw cash from a UPI ATM:
- Go to your nearest UPI ATM and select the “UPI Cash Withdrawal” option.
- Choose the amount you want to withdraw.
- The UPI QR code will appear on the machine.
- Scan the QR code using your mobile’s UPI app.
- Enter the UPI PIN in your UPI app to confirm the transaction.
- Collect your cash.
What is the Cash Withdrawal Limit from UPI ATM?
Currently, around 700 UPI ATMs will be installed across the country. Initially, customers will be able to withdraw up to Rs 10,000 in a single transaction per day. Just as UPI eliminates the need to carry cash, with the installation of UPI ATMs, you will no longer need an ATM or credit card to withdraw cash.