Few banks in India offer cardless cash withdrawal facilities from ATMs to their customers. But now, RBI has suggested all banks provide cardless cash withdrawal facilities at all ATMs through UPI. Hence, customers can now avail of the facility of cardless cash withdrawals from ATMs through UPI.
Through the UPI cardless cash withdrawal facility, you don’t need to insert your ATM card while withdrawing cash from an ATM.
The Reserve Bank of India (RBI) has suggested that all banks upgrade their ATMs to support UPI cash withdrawal functions.
The QR code and the YONO cash withdrawal facility are already available for SBI customers. It is an easy and fast way to withdraw cash from ATMs. But, the UPI cardless cash withdrawal facility will be more beneficial for the customers.
What is UPI ATM Withdrawal?
UPI ATM Withdrawal ATM has a cardless cash withdrawal facility, you do not need to insert your ATM card while withdrawing cash from the ATM. You can complete your UPI cash withdrawal operations in two ways.
The two main methods are as follows –
- QR Code
- Touch Screen
How to withdraw Cash from ATM Using UPI?
You need to complete the following steps:
- QR Code: The QR code will be one of the most secure options for the customer through the UPI app. So, here all the ATMs have to be upgraded for cardless withdrawals. You have to enter the cash withdrawal details, and then the ATM will show the QR code on the screen. So, scan the QR code, enter amounts, Pin and OTP. That’s it!
- Touch Screen: It is also a very simple process for the users. First, they must enter their UPI ID and withdrawal amount in the ATM terminal. After that, the user will receive a request on the UPI app on his mobile device and can then complete the transaction by entering the UPI PIN.
So, to get all those facilities for cardless cash withdrawal from an ATM, banks need to upgrade their ATM. As of now, few banks offer cardless cash withdrawal facilities from ATMs. These banks are SBI, HDFC, ICICI, Kotak Mahindra and Bank of Baroda.
So, it will take a lot of time to upgrade their ATM, But RBI has proposed providing a cardless cash withdrawal facility to all banks in 2023-24.
Will the ATM card be closed?
Cashless ATM cash withdrawals are increasing the user trend, and some banks have already started. We expect debit card usage and growth to remain stable. There is no chance of using debit cards becoming obsolete as they have added another option for ATM withdrawals.
The debit card usage will remain the same when the phone is not working or mobile internet connectivity is poor. In order to provide better service, banks will need to build other payment infrastructures through ATMs for the users.
A: Using UPI apps, you can withdraw cash from the ATM through a QR code and Touch Screen functions.
A: There is no time limit for this, but the ATM will be upgraded in a few months; we can expect it.
A: This function is not yet enabled in ATMs, but the ATM will be upgraded in a few months, and you can withdraw cash from ATMs through UPI.