You can now withdraw cash from ATMs without using the credit or debit card. Want to know how? You can do this through UPI. Know how to make cardless ATM cash withdrawals using UPI.
How to withdraw money from ATMs or banks? You need a credit or debit card for the same. But what if we tell you that you can also withdraw money without using the credit or debit card? Now, customers will be able to withdraw cash from ATMs through the Unified Payments Interface (UPI). “It is now proposed to make cardless cash withdrawal service available at all banks and ATM networks using UPI,” RBI Governor Shaktikanta Das had said in his first policy statement. monetary policy for the 2022-23 financial year.
Currently, cardless cash withdrawal through ATMs is offered by a few banks to their customers at their own ATMs. Banks that offer cardless cash withdrawal through ATMs include State Bank of India (SBI), Punjab National Bank (PNB), HDFC Bank, among others. Cardless cash withdrawal can help contain fraud such as skimming, card cloning, device tampering, and more. Read also : MASSIVE Xbox Series S price drop in India! Check out this game console offer
Meanwhile, it can be known that UPI is a system that powers multiple bank accounts into a single mobile app (from any participating bank), merging multiple banking features, seamless fund routing, and merchant payments into one. hood. It also caters to “Peer to Peer” collection demand which can be scheduled and paid for as needed and convenient, according to NPCI.
People are already using UPI payment apps such as Google Pay, PhonePe, Paytm, among others, to conduct cash transactions online. All you need is a bank account, one of the UPI payment apps installed on your smartphone, and a valid phone number. Read also : Google Pay: Know how to create a UPI ID to make payments online
Also, it should be noted that the central bank will not stop issuing the credit card or the debit card as these cards have many other utilities other than cash withdrawals.