Don’t have ATM card in your pocket? No tension, now cash will be withdrawn just by scanning the QR code from the phone:

News India Live, Digital Desk: Digital Banking : Imagine, you are in the market and you suddenly need cash. You reach the ATM, feel in your pocket and then you remember that you left your wallet and ATM card at home! In such a situation, we all feel angry and helpless. But now all this is going to be a thing of the past.

There has been a revolution in the world of banking, which has changed the entire way of withdrawing money from ATM. Now you do not need a debit or credit card at all to withdraw cash. Your smartphone is your new ATM card. The name of this new and magical feature is – ‘UPI ATM’,

What is this new system and how does it work?

This is ‘Interoperable Card-less Cash Withdrawal’ (ICCW) technology, which has been developed by National Payments Corporation of India (NPCI). In simple language, now you can withdraw cash directly from the ATM machine using any of your UPI apps (like Google Pay, PhonePe, Paytm). For this you neither need to insert the card in the machine nor remember the ATM PIN.

Follow these 5 easy steps and get cash

This process is very simple and safe. Next time you go to an ATM, follow these steps:

1. Select option at ATM: Go to an ATM machine on which the option of ‘UPI Cardless Cash’ or ‘Withdraw Cash via UPI’ is visible.
2. Enter amount: After selecting this option on the screen, enter the amount you want to withdraw (for example- Rs 2000).
3. QR code will be generated: After entering the amount, a unique QR code will appear on the ATM screen.
4. Scan from phone: Now open any UPI app in your phone and scan the QR code visible on the ATM screen with the scanner.
5. Enter PIN on phone: As soon as you scan, an option to confirm the amount will appear on your phone. Here you will find your 4 or 6 digit UPI PIN. on the phone To be deposited, not on the ATM machine.

As soon as you enter your PIN, the transaction will be successful and the cash will come out of the ATM machine.

Why is it safer? 4 big benefits

This method is many times more secure and convenient than withdrawing money from the card.

1. The hassle of keeping the card is over: You don’t need to carry a plastic card in your pocket all the time.
2. No risk of skimming: This is the biggest advantage. Many times fraudsters install ‘skimming’ devices on the card slots in ATM machines, which steal your card details. In this new method, since the card is not used, the risk of skimming is zero.
3. PIN remains secure: You enter your UPI PIN on your personal phone, not on the ATM keypad. With this, even a hidden camera cannot see your PIN.
4. Any bank account will do: You do not need to go to the ATM of the same bank in which you have the card. You can withdraw money from any of your bank accounts (which are linked to UPI) from any UPI-enabled ATM of any bank.

This new system is a huge step towards India’s Digital India Mission. It is not only making our transactions easier, but also making them more secure than ever.