Since UPI first ushered in seven years back, it has revolutionised finance in India. In September 2023, the system saw a new feather on its cap as Hitachi Payment Services launched India’s first UPI-ATM, in association with the National Payments Corporation of India (NPCI) and a software company called NCR Corporation. This UPI-ATM will allow customers to withdraw cash without using an ATM or debit card. Instead, the UPI pin will act as the facilitator. To withdraw money, a QR code will be displayed on the ATM screen, the customer will scan the QR code using any UPI app and authorise the transaction by entering their PIN on their mobile app. The ATM will dispense cash after the credentials are validated.
KnowALLedge Plus:
> UPI stands for Unified Payments Interface. It was introduced in India in 2016. It is an online platform operated by NPCI that enables instant transfer of money between bank accounts.
> In the last seven years, it has grown to be the fastest-growing payment method in the country, with more than 100 million active users across different platforms.
> In May 2023, UPI hit a record of 9 billion transactions worth ₹14 trillion (US$180 billion)
> Many countries have been direct beneficiaries of the UPI technology as shared by India. The list including France, Australia, Singapore, UAE, Saudi Arabia, Oman, Nepal, Bhutan and Sri Lanka, to name a few.