New Delhi, December 4: Do you often forget to carry your debit or credit card? Then no problem. Soon, customers will be able to make ATM (Automated Teller Machine) transactions through Unified Payments Interface (UPI). In fact, Bank of India has already begun this service at its select ATMs with the help of Mumbai-based firm AGS Transact Technologies, The Economic Times reported. How To Ensure Safety For Your Online Transactions?
Bank of India is planning to expand this facility to all its ATMs across the country. National Payments Corporation of India (NPCI), which manages the UPI operations, has set up a committee to review the "interoperability guidelines" to start this feature with other banks as well, ET reported. ATM Fraud Cases Rise: Mumbai Tops With 233 And Delhi at Second With 179 Incidents, Reveals RBI Data For 2018-19.
How UPI ATM Transactions Works?
To withdraw cash without debit or credit card, a dynamic QR (Quick Response) code will be flashed on the ATM screen. The customer needs to scan the QR code using any UPI application such as PhonePe, Google Pay, BHIM, Paytm, etc, and withdraw money.
UPI has become one of the most popular modes of payments in India. In October 2019, UPI crossed one billion transactions mark. Once NPCI approves UPI ATM withdrawal, the ATM machines will be reprogrammed to carry out such transactions. The card-less withdrawal can prevent card cloning and skimming.