Get ready to encounter a new term in your daily life: UPI ATM. These days, there’s a buzz about UPI ATMs that let you get cash without your trusty debit card. Yes, it is now a reality for Hitachi has launched UPI ATM Cash Withdrawal Launched in India.
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A True Innovation
Hitachi’s UPI ATMs are here to change the game. You won’t need your debit card anymore to withdraw money. Instead, you can use your UPI IDs to make transactions. Many believe this innovation could revolutionize the banking system by simplifying the cash withdrawal process. Let’s dig into the details and see if UPI ATMs are a boon for banking or not. Keep scrolling to learn more.
Withdraw Cash Without Card
Imagine you’re in a tough spot, urgently needing cash, but you realize you’ve left your wallet behind or your debit card is in the possession of a family member. We’ve all been in such tight spots. That’s where UPI ATMs come to your rescue. With your UPI ID, you can easily withdraw money, ensuring you’re never short of cash. Hitachi India recognized this common situation and introduced UPI ATMs in the country. Keep reading to uncover more about this innovative solution.
UPI ATM (Automatic Teller Machine), works on an advanced level. Traditional ATMs require your debit or credit card for cash withdrawals, but you don’t need such cards anymore now for withdrawing cash as this UPI ATM takes a different approach. It’s not solely reliant on your card; you can also withdraw money using your UPI ID.
UPI ATM Cash Withdrawal launched
Hitachi India introduced this innovation, known as the “Hitachi Money Spot UPI ATM,” at the Global Fintech Fest in Mumbai on September 5, 2023. It’s changing the way we access cash, offering a new level of convenience. Dive into the next section to learn more about how it works.
One of the most remarkable aspects of UPI ATMs is that you can withdraw cash directly from your bank account using a dedicated mobile app called “United Payments Interface,” eliminating the need for a physical card. Currently, banks are offering card less cash withdrawal options, and the UPI ATM operates on a similar principle. The key distinction lies in the method: while traditional ATMs require mobile numbers and one-time passwords (OTPs), UPI ATMs employ QR codes for seamless cash withdrawals.
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