A video is causing excitement within the fintech community as it demonstrates a man’s successful use of India’s first UPI-ATM for cash withdrawal without a physical card. The UPI-ATM, a groundbreaking collaboration between Hitachi Payment Services and the National Payments Corporation of India (NPCI), made its debut at the Global Fintech Fest in Mumbai.
This innovative platform offers secure and convenient cardless cash withdrawals, representing a significant advancement in the field of financial technology.
UPI ATM: The future of fintech is here! 💪🇮🇳 pic.twitter.com/el9ioH3PNP
— Piyush Goyal (मोदी का परिवार) (@PiyushGoyal) September 7, 2023
The video features Ravi Sutanjani, an active user of the platform X, known for sharing insights on fintech and startups. In the video, he showcases the process step by step, referring to it as an “innovative feature for Bharat.”
Sutanjani starts by selecting “UPI cardless cash” on the screen, and then choosing the desired withdrawal amount (Rs 100, Rs 500, 1,000, Rs 2,000, or Rs 5,000). Upon selecting Rs 500, a QR code appears on the screen, which he scans using his BHIM app. He then specifies the bank account from which he wishes to withdraw funds, enters his UPI PIN, and successfully completes the transaction, resulting in cash being dispensed from the ATM.
