Towards the making of a digital India and digitised payment, a new step has been taken with UPI-integrated cash withdrawal, which is also known as a UPI ATM. This new technology was unveiled in September 2023 at the Global Fintech Festival, which was held in Mumbai.
The United Payments Interface, or UPI, has become a cornerstone in every Indian citizen's life. After completing its 7th year in our nation, it has become India’s fastest-growing payment method and has shifted the financial landscape of India by a huge margin.
Read the article to learn more about the UPI ATM, including answers to questions like, ‘Which Bank ATM support UPI cash withdrawal?’ to the process of withdraw money from ATM with UPI app, like UPI cash withdrawal SBI, and information on UPI ATM cash withdrawal limit, UPI ATM cash withdrawal charges, and UPI cash withdrawal ATM near me.
Overview
The table below summarises some key points about UPI-ATM that one should know.
| Name of the service | UPI-ATM |
|---|
| Full form | Unified Payments Interface - Automated Teller Machines |
| Launched by | NPCI |
| Objective | The user can withdraw money from ATM with UPI app, like withdraw money from ATM with UPI SBI |
| Used technology | Interoperable Cardless Cash Withdrawal (ICCW) |
| Authenticated by | UPI PIN |
| UPI cash withdrawal app | One of the apps is the UPI cash withdrawal SBI by the State Bank of India |
| UPI ATM cash withdrawal charges | UPI doesn’t impose any extra charge; however, banks may impose some minimal withdrawal charges |
| UPI ATM cash withdrawal limit | Rs. 10,000 |
What Is UPI-ATM ‘Interoperable Cardless Cash Withdrawal’ (ICCW)?
It is a new machine that eliminates the need to carry a physical bank card for withdrawal. Instead, through this new service, the user can withdraw money from the ATM using their UPI apps on their mobile devices to withdraw cash directly. However, for this to work, please ensure that both your bank and the ATM support this feature.
Read more: Ayushman Card
What Is The Difference Between Cardless Cash Withdrawal And UPI-ATM?
There are some major differences between cardless cash withdrawal and UPI-ATM. The differences are listed below in tabular format:
| Cardless Cash Withdrawal | UPI-ATM |
|---|
| With cardless cash withdrawals, the customer has to initiate the request via Net Banking. | Here, instead of passwords, one-time passwords are required to be filled. |
| It will only work on your bank’s ATMs. | It can work in any ATM, just search ‘UPI cash withdrawal ATM near me’. |
| Limited to some banks. | Works with any UPI cash withdrawal app like withdraw money from ATM with UPI SBI |
What Are The Features Of UPI-ATM?
UPI-ATM has several key features. Some of its major features are laid down below for one’s reference:
-
Allows customers with UPIs to withdraw cash from any ATM that participates in the National Financial Service (NFS).
-
As it’s a cardless transaction, the customer has to scan the QR displayed on the ATM screen and authorise the transaction using their UPI PIN.
-
It increases customer convenience, as people no longer have to carry their cards to withdraw money. It also makes it easier for people who solely rely on UPI and don’t carry cards at all.
-
There will be a transaction limit of Rs. 10,000 per transaction. This limit will also be a part of the existing UPI limit per day.
-
Provides transaction security.
-
It gives them the flexibility to withdraw cash from anywhere, especially while travelling without their physical debit cards.
-
These features make the withdrawal process easier, more convenient, and more secure.
Read more: Aadhaar Card
What Are The Steps Required To Withdraw Money From ATM With UPI App?
To withdraw money from ATM with UPI app, all one has to do is follow the steps mentioned below in stepwise form to avoid any confusion:
Step 1: Select UPI Cardless Cash on the ATM screen: When approaching a UPI ATM, you'll see this option on the screen. Choose it to start the cardless withdrawal process.
Step 2: Choose the Amount: Next, you'll be prompted to select or enter the amount you want to withdraw. Select or enter the desired amount carefully.
Step 3: Scan the QR Code: Now, take out your smartphone with a UPI app installed such as UPI cash withdrawal SBI. Use the app to scan the QR code displayed on the ATM screen. This QR code contains all the necessary information to complete your transaction securely.
Step 4: Confirm with the UPI PIN: After scanning the QR code, your UPI app will ask you to confirm the transaction. Enter your UPI PIN to validate the UPI ATM withdrawal.
Step 5: Collect the Cash: The UPI ATM will dispense the requested cash once your transaction is confirmed.
Which Bank ATM Supports UPI Cash Withdrawal? – Interoperable Cardless Cash Withdrawal (ICCW)
The list of banks that support the UPI-ATM feature are mentione below in tabular format for one’s reference:
| Name of the Commercial Bank/WLAO | UPI App |
|---|
| BHIM UPI | Live |
| State Bank of India | Live |
| ICICI | – |
| Indusind bank | – |
| Hitachi Payment Services Pvt Ltd | – |
| Punjab National Bank | – |
| Union Bank of India | Live |
| Canara Bank | Live |
| Bank of Baroda | Live |
| Central Bank of India | Live |
| Bank of India | Live |
| Indian Overseas Bank | Live |
| UCO Bank | – |
| Indian Bank | – |
| Federal Bank | – |
| Bank of Maharashtra | – |
| Punjab and Sind Bank | – |
| Karur Vysya Bank | – |
| Yes Bank | – |
| City Union Bank | Live |
| Karnataka Bank | – |
| Dhanalakshmi Bank | – |
| HSBC Bank | Live |
| AU Small Finance Bank | – |
| Fincare Small Finance Bank | – |
| Equitas Small Finance Bank | – |
| Ujjvan Small Finance Bank | – |
| Suryoday Small Finance Bank | – |
| UTKARSH Small Finance Bank | Live |
List Of Third-Party Application Providers (TPAPs) Enabled For Offering UPI-ATM – Interoperable Cardless Cash Withdrawal (ICCW)
The complete list of third-party applications that offer the service of UPI-ATM is as follows for one’s better understanding:
| Serial No. | Name of the Third-Party App |
|---|
| 1 | Google Pay |
| 2 | PhonePe |
Conclusion
UPI-ATM is one of the most innovative and unique features launched by the NPCI. It is expected to enhance the ease and convenience of people when it comes to withdrawing money, which they can do now without an ATM card as well.
Join the conversation and stay informed! Visit the Jaagruk Bharat community page here and be part of an active, engaged community.
