You know, there’s a cool thing called UPI (Unified Payment Interface) that has made online payments super easy in our country.
Now, they’re using UPI to change how we use ATMs, and it’s already happening!
So, Bank of Baroda, a government bank, did something special. They launched the UPI ATM on September 5th, and guess what?
They did it in more than 6,000 ATMs all over the country. This UPI ATM thing is like a sneak peek into the future of banking in India.
BOB is the first government bank to do this, and they teamed up with the National Payments Corporation of India (NPCI) to make it happen.
Now, here’s the coolest part: With this UPI ATM, you can take out cash from the ATM without using a debit card.
That’s right, no card needed! And here’s another great thing – you can take out cash from different bank accounts linked to UPI.
So, what exactly is this UPI ATM thing?
It’s like a special kind of ATM where you don’t need a debit card to get cash. Y
ou can call it a cardless cash withdrawal ATM, and it’s what we call a White Label ATM.
These White Label ATMs are run by folks who aren’t banks. But here’s the magic:
You can still get cash from these ATMs using your UPI account, even without an ATM or debit card.
Here’s how you do it?
- When you’re at the ATM, choose “UPI Cash Withdrawal.”
2. Pick the amount of cash you want.
3. Then, a QR code (that’s like a fancy barcode) will show up on the ATM screen.
4. All you have to do is scan that QR code using your UPI app on your phone.
5. After scanning, type in your UPI PIN.
6. And just like that, cash comes out of the ATM!
