May 20,2022: The ability to withdraw cash from ATMs has been further enlarged. The initiative of a few big banks has now been mandated across all bank ATMs.
By a circular dated May 19, the Reserve Bank of India has directed that all banks, ATM networks provide the option of Interoperable Card-less Cash Withdrawal (ICCW). The National Payments Corporation of India has been advised to facilitate Unified Payments Interface (UPI) integration with all banks and ATM networks.
While UPI would be used for customer authorisation in such transactions, settlement would be through the National Financial Switch (NFS) / ATM networks.
Withdrawal limits for ICCW transactions shall be in-line with the limits for regular on-us / off-us ATM withdrawals. Which is Rs 5000.
How it will work at an ATM machine with UPI service:
You need any UPI-based payment app like GooglePay, PhonePe, AmazonPay, Paytm and an internet connection on your phone.
-Select the ‘Withdraw Cash’ option
-Select the option “UPI” on the ATM machine screen
-A QR code will appear on the ATM screen
-Open any UPI-based payment app on your phone
- Use the QR code scanner option and point to the code on the ATM screen
- Enter amount to withdraw, maximum Rs 5000
- Enter ‘Proceed’ and the IPI pin when prompted
-Collect your cash
Now, withdraw cash from ATMs using your UPI app, without an ATM card (indiatechonline.com)
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