NCR Corporation is the firm responsible for making automated teller machines aka ATMs. Now, this firm has introduced UPI-based interoperable cardless cash withdrawing system in India. With this system, customers can withdraw cash from any ATM without even touching their card. The company join hands with National Payments Corporation of India (NCPI) and City Union Bank. These three companies has launched this latest facility for cash withdrawal. With this technology, users can withdraw money from any ATM without accessing their physical credit or debit card. In a press release, the City Union Bank says that, there are around 1,500 ATMs across the nation that are already supporting this technology.
How to withdraw money with Cardless Technology?
In this technology, users will be able to withdraw money using their smartphones and any UPI-based application like BHIM, PayTM, GPay etc. Also, there is no need to carry you ATM card physically. The Indian Government also supports this initiative as it supports Government’s own Digital Payment scheme in India. Also Read: Vivo X60 series camera features Pixel Shift technology
To Withdraw money,
– Go to any ATM that supports this cardless cash transaction facility
– Scan the QR Code on this ATM machine
– Enter the exact amount of money you need to withdraw
– Authenticate the transaction using UPI-enabled Mobile app
– After completing your transaction, withdraw the exact amount directly from ATM.
Keep in mind, these QR Codes are dynamic in nature. This means that with each transaction, these QR Codes keep on changing and therefore, they cannot be copied. This method also ensures completely secure transaction of money. However, initially the withdrawal under this new technology is likely to be capped under Rs 5,000. But as per sources, money withdrawal limit will be increased later.
Cardless Cash Withdrawal: Availability
According to reports, the NCR Corporation and the NPCI is currently discussing about how to implement this cardless money withdraw facility across all ATMs in the country. Both firms are in a constant talk with public and private sector banks about this subject. According to sources, a formal meeting with both private and public sector banks will be announced in next couple of months. A spokesperson from NCR Corporation has confirmed that they are upgrading their existing software to allow this facility on City Union Bank ATMs. He also informs that there is no need to upgrade the hardware on existing ATMs. We have to wait and watch when will this facility can be made available across all the ATMs in the country. Also Read: Redmi TV X series launches in India at a highly competitive pricing