UPI ATM launched! How to Withdraw Cash, Available Locations & more
National Payments Corporation of India (NPCI) in partnership with Hitachi Payments on September 5th announced the launch of India’s first-ever UPI ATM to offer secure card-less cash withdrawals. Below we have tried to cover all you need to know about this exciting news from what is UPI ATM, How UPI ATM Cash withdrawal works, and lastly, UPI ATM location availability.
UPI ATM is a new card-less cash withdrawal service brought by Hitachi Payments in collaboration with NPCI. A UPI ATM machine allows cash withdrawal upon successful validation of a UPI PIN as compared to a card PIN in a normal ATM. Customers can withdraw cash from as little amount as Rs.100.
Following are some of the pictures of the UPI ATM Hitachi machine that unveiled at the recent 4th edition of Global Fintech Fest in Mumbai held on 5th September.
As you can see from the pictures above, the UPI ATM machine doesn’t have a card insertion as we have seen in normal ATMs. Additionally, “The Hitachi Money Spot UPI ATM is built on Android OS and brings in significant possibilities of transitioning from legacy architecture,” said Hitachi Payments in their recent press release.
It is obvious that a UPI ATM works differently as compared to a normal ATM. Unlike in a normal ATM, you do not need your debit card to withdraw money from a UPI ATM.
The ATM is connected to the UPI payments infrastructure and when a customer initiates a UPI transaction on the ATM, it sends a request to the NPCI/bank server to debit the customer's account and credit the merchant similar to how a UPI Payment works.
The customer authenticates the transaction using their UPI PIN. This is verified by the bank server.
Once authenticated, the ATM dispenses cash to the customer.
The Hitachi Money Spot UPI ATM is built on Android OS, unlike proprietary software. This allows UPI ATM to leverage Android features & connectivity. For example, yesterday on September 6th, Reserve Bank of India (RBI) Governor, Shri Shaktikanta Das announced the launch of some new UPI services such as Hello! UPI and BillPay Connect. Both of these are conversational payments that would allow users to make voice-enabled payments in their native language.
In the future, we may even get to see such capabilities in UPI ATM machines as well.
UPI ATM Hitachi & NPCI partnered machine launched in Mumbai on 5th September in the Global Fintech Fest. The UPI ATM machine is said to be soon available in other locations too. Speaking about its launch, Sumil Vikamsey, MD & CEO – Cash Business, Hitachi Payment Services said,
“As India’s leading end-to-end payments and commerce solutions provider, we are happy to launch an industry-first offering in the White Label ATM space with Hitachi Money Spot UPI ATM.
The official commercial launch date of the Hitachi UPI ATM is not confirmed. However, the card-less ATM machine by Hitachi has major banks live on it such as SBI, HSBC, Canara Bank, BOB, Central Bank of India, and others. Customers of these banks can use any UPI app from Paytm, BHIM UPI, GooglePay, PhonePe, and others to complete transactions. So expect the UPI ATM by Hitachi and NPCI to launch in more cities and areas soon.
Visit a UPI ATM machine near you
Click on “UPI Cardless Cash” at the bottom of the screen
Select from any of the denominations available starting from Rs.100, Rs.500, Rs.1000, Rs.2000, Rs.5000
You can also click on “Any Other Amount” to put your desired amount of denomination
Select or enter the amount you wish to withdraw
In a few seconds, a QR Code will appear on the screen
Open any UPI App scan the QR Code and complete the transaction
You have successfully withdrawn cash from the UPI ATM without your debit card
We know you are just as excited to use the all-new UPI ATM as all of us are. The UPI ATM machine is launched in Mumbai. Given the UPI ATM Hitachi machine is a white-label ATM machine, it would likely be launched as a separate ATM Machine at different locations in the country. As NPCI and Hitachi launch more UPI ATM machines in the country, customers can benefit from the service in their nearby areas. We will try to update this article as soon as we come to know about the UPI ATM machine being launched in a new location.
So, this was all about sharing the launch of UPI ATM in India. We have also tried to cover some possible questions you may have such as What is a UPI ATM, How to use a UPI ATM, how it works, and lastly, UPI ATM Machine location availability.
UPI (Unified Payments Interface) is one of the rapidly growing homegrown services in India. Founded by NPCI, today UPI Payments accounts for almost 50% of digital payments in India. Daily there are over 36 Crore UPI transactions that take place and the same number is expected to touch 1 billion in the next 3 years. Additionally, RBI expects 90% of retail digital transactions to be UPI-based in the next 5 years.
While we are at it, be sure to also read our article on UPI Limit for Google Pay, Paytm, PhonePe, and other Wallets in 2023
What do you think of this UPI ATM move by NPCI and Hitachi Payments? Do share with us in the comments below.
Thanks to @abhishek012 for first sharing this news with us here - UPI-ATM Launch by Hitachi Payment Services will allow cardless cash withdrawals
FAQ on UPI ATM Launch in India
FAQ's
UPI ATM launched on September 5th in Mumbai in the Global Fintech Fest 4th edition.
UPI ATM is launched by Hitachi Payments and currently has some banks live including SBI, Canara, PNB, HSBC, BOB, Central Bank of India, and Kotak Mahindra.
An ATM card or debit card isn’t necessary for you to withdraw money using UPI ATM
Visit your nearest UPI ATM, and select “Cardless Cash Withdrawal” to withdraw money from UPI ATM without using your debit card
RBI had announced in 2022 to allow interoperable cardless cash withdrawals from all bank ATMs.
Yes, you can use Gpay at a UPI-enabled ATM along with other UPI Apps such as Phonepe, Paytm, BHIM UPI, etc.
To withdraw money from a UPI ATM, visit the machine, select "UPI Cardless Cash," choose your withdrawal amount, scan the QR Code on the screen using a UPI app, and complete the transaction.
There are no charges for withdrawing money from a UPI ATM. However, after a certain number of withdrawals, your bank might levy certain charges.
2
bharatpur in rajasthan unveiled new tech. we can withdraw from ATM without even debiting from our account. AS of today they have withdrawn 3Crs using their tech.
but using rupay creedit card on upi atm will incur charges and no rewards?
The Reserve Bank of India (RBI) Governor Shaktikanta Das on Wednesday (September 6) unveiled a suite of payments products developed by the National Payments Corporation of India (NPCI) during the Global Fintech Fest 2023.These innovative solutions, including Credit Line on UPI, UPI LITE X and Tap & Pay, Hello! UPI — Conversational Payments on UPI, and BillPay Connect — Conversational Bill Payments, are designed to foster an inclusive, resilient, and sustainable digital payments ecosystem.
.The homegrown NPCI is an umbrella organisation for facilitating retail payments and settlement in India through the RuPay gateway. It is an initiative of the Reserve Bank of India (RBI) and the Indian Banks' Association (IBA) to create a robust payments and settlement system.
A bit more on the products:
Credit Line on UPI This new offering enables pre-sanctioned credit lines from banks via UPI and will revolutionise customer access to credit, fostering a more streamlined and digital banking ecosystem. With this, the process of availing credit lines will be expedited, driving economic growth and progress.
UPI LITE XThrough this feature, users can now both send and receive money offline, therefore, allowing users to initiate and execute transactions even in areas with poor connectivity, such as underground stations, remote areas, etc.
UPI Tap & PayIn a move towards enhancing QR code and Near Field Communication technology adoption, the RBI governor also introduced UPI Tap & Pay. In addition to the conventional scan and pay method, users now have the option to simply tap NFC-enabled QR codes at merchant locations to complete their payments.
Hello! UPI — Conversational Payments on UPIThe introduction of conversational UPI payments will augment user experience by enabling them to make voice-enabled UPI payments via UPI apps, telecom calls, and IoT devices in Hindi and English, and will soon be available in several other regional languages. Users can simply give voice commands to transfer funds and input a UPI PIN to complete the transaction.
BillPay Connect — Conversational Bill PaymentsWith BillPay Connect, Bharat BillPay introduces a nationalised number for bill payments across India. Customers can now conveniently fetch and pay their bills by sending a simple ‘Hi’ on the messaging app. Along with this, customers without smartphones or immediate mobile data access will be able to pay bills by giving a missed call.
Meanwhile, the G20 Global Partnership for Financial Inclusion document prepared by the World Bank has lauded the transformative impact of Digital Public Infrastructure (DPI) in India over the past decade.It said India achieved in just six years what would have taken about five decades.
Here are some other points the World Bank mentioned:The JAM Trinity has propelled the financial inclusion rate from 25 percent in 2008 to over 80 percent of adults in the last six years.PMJDY accounts tripled from 147.2 million in March 2015 to 462 million by June 2022.
Women own 56 percent of these PMJDY accounts, more than 260 million.India has built one of the world’s largest digital G2P architectures leveraging DPI.For the fiscal year 2022–23, the total value of UPI transactions was nearly 50 percent of India’s nominal GDP.According to industry estimates, banks’ costs of onboarding customers in India decreased from $23 to $0.1 with the use of DPI.India Stack has digitised and simplified KYC procedures, lowering costs.
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