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UPI ATM

UPI ATM launched: Forget debit card, you can withdraw money from an ATM using UPI

The Unified Payments Interface (UPI) has been the fastest-growing payment mode in the country and accounts for more than 50% of digital transaction volumes. After revolutionising India's digital payment system, now country's first UPI ATM was launched  

Hitachi Payment Services, a subsidiary of Japan-based Hitachi, has launched UPI-ATM as a White Label ATM (WLA), operated by non-banking entities, with the National Payments Corporation of India (NPCI). Touted as Hitachi Money Spot UPI ATM, it allows customers to withdraw cash without using a debit or credit card

What is the UPI-ATM?

The UPI-ATM is a white-label ATM that facilitates cardless cash withdrawals. It allows customers of participating banks to withdraw cash without using an ATM or debit card. White-label ATMs are those that are owned and operated by non-bank entities.

The customer selects the ‘UPI cash withdrawal’ option on the ATM and is prompted to select the withdrawal amount. Following this, a single-use dynamic QR code is displayed on the ATM screen.

New UPI Features Launched at GFF 2023

Global Fintech Fest 2023 (GFF 2023)

Global Fintech Fest (GFF) is the largest fintech conference, jointly organized by the National Payments Corporation of India (NPCI), the Payments Council of India (PCI), and the Fintech Convergence Council (FCC). With GFF, the aim is to provide a singular platform for fintech leaders to foster collaborations and develop a blueprint for the future of the industry.

GFF’23 THEME

Global Collaboration for a Responsible Financial Ecosystem Inclusive | Resilient | Sustainable

New Payment Options

The National Payments Corporation of India (NPCI) has introduced several new payment options on the popular UPI (Unified Payments Interface) platform. Reserve Bank of India (RBI) Governor Shaktikanta Das announced the launch of the products by the National Payments Corporation of India (NPCI) at the ongoing Global Fintech Festival.

 

Hello! UPI for Voice-Enabled Payments: Users can now make voice-enabled UPI payments using Hello! UPI. This feature allows transactions via apps, telecom calls, and IoT devices in both Hindi and English. It will soon be available in multiple regional languages. Conversational Payments on UPI and BillPay Connect are part of Hello! UPI.

Conversational Payments on UPI: This innovative feature employs AI-enabled transactions to facilitate human-machine interaction. It is expected to expand the reach and use of digital payments in India.

BillPay Connect: Bharat BillPay has introduced a nationalized number for bill payments across India, making it convenient for customers to fetch and pay their bills by sending a simple 'Hi' on a messaging app. Even customers without smartphones or immediate mobile data access can pay bills by giving a missed call. They will receive a call for verification and payment authorization.

Credit Line on UPI: NPCI has introduced credit lines on UPI, allowing pre-sanctioned credit lines from banks via UPI. This initiative aims to streamline customer access to credit and promote financial inclusion and innovation.

UPI LITE X for Offline Payments: UPI LITE X enables offline payments, allowing users to send and receive money even in areas with poor connectivity. It relies on Near Field Communication (NFC) technology, offering faster payments.

UPI Tap & Pay: This feature enhances QR code and NFC technology adoption. Users can now tap NFC-enabled QR codes at merchant locations to complete payments.