Right here’s a easy step-by-step information to withdraw cash from the ATM utilizing UPI.
United Funds Interface, which comes underneath the purview of the Nationwide Funds Company of India (NPCI), has gained phenomenal traction in India publish its launch in 2016.
UPI’s reputation as a fee methodology stems from the comfort it affords because the system combines a number of financial institution accounts right into a single cell utility, making the switch of cash and on-line funds fully seamless.
Within the newest function addition, NPCI has unveiled withdrawal of money from any financial institution ATM utilizing simply UPI. Utilizing this new function known as Interoperable Cardless Money Withdrawal (ICCW), clients will likely be saved the difficulty of carrying their playing cards or remembering their ATM PINs.
The Reserve Financial institution of India has directed banks to supply this ICCW choice at ATMs in a bid to stop card-related frauds similar to cloning, skimming and system tampering. In the meanwhile, the cardless money withdrawal facility is barely accessible at just a few banks at ATMs operated by these explicit banks themselves (generally known as an on-us foundation). With the introduction of the brand new tips, clients will now be capable of withdraw from any financial institution’s ATM, not simply their very own.
ICCW can be utilized through most main UPI apps similar to Google Pay and PhonePe – all you’ll want is a UPI app, an energetic web connection in your cell phone, and an ATM machine. Nonetheless, do observe that utilizing ICCW, you may withdraw solely as much as Rs. 5,000.
Extra Studying: 4 Methods To Keep away from UPI Fraud
Listed below are the steps to withdraw cash from the ATM utilizing UPI:
- Go to the ATM of any financial institution and choose the ‘Withdraw Money’ choice on the display screen.
- Now, choose the ‘UPI’ choice.
- You will note a QR code displayed on the display screen.
- Open the UPI-based app in your cell phone (e.g. Google Pay, PhonePe).
- Open the QR code scanner choice in your UPI-based cell app.
- Scan the QR code proven on the display screen of the ATM machine.
- You’ll now be capable of withdraw money (as much as Rs. 5,000).
- Enter your UPI PIN.
- Faucet the ‘Hit Proceed’ button.
- You’ll get your money from the ATM machine.
Accomplished!
Extra Studying: ATM Didn’t Dispense Money? Account Debited? Do This
There’s excellent news right here. There will likely be no extra prices for cardless money withdrawal from ATMs utilizing UPI. As per the RBI, “The on-us/off-us ICCW transactions shall be processed with out levy of prices aside from these prescribed (on Interchange Charge and Buyer Fees).”
The fees to be used of one other financial institution’s ATM to withdraw money through this cashless withdrawal methodology will stay the identical as present card withdrawal prices. Since Jan 1, 2022, clients are allowed 5 free transactions each month at their very own financial institution’s ATM. For the usage of different banks’ ATMs, clients are allowed three free withdrawals in metro cities and 5 in non-metros. Subsequently, clients are charged Rs. 21 per transaction.
Amid an increase within the variety of complaints about digital fraud, this transfer seeks to cut back possibilities of skimming, cloning and system tampering. One other benefit is that this may assist work across the subject of delayed card issuance – an inconvenience confronted by a number of clients because of a world chip scarcity. Moreover, this facility could be helpful in supporting large-scale re-carding in case of a knowledge breach.
Easy, isn’t it? Cashless is the way in which ahead. One other helpful cashless fee methodology? Credit score Playing cards, in fact! Swipe or just faucet to pay with contactless know-how.
Searching for a lifetime-free Credit score Card with the contactless ‘Faucet & Pay’ function? Simply click on the button under and choose a card. The perfect half? The applying course of is no-touch, end-to-end digital too.
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