Cash withdrawal from ATM using UPI based Apps like Paytm, Google Pay!

 Soon you will be able to withdraw money from ATM using UPI

Till now, Debit cards have been a primary medium to withdraw money from ATMs. But as the time is changing this medium has been long due for an upgrade.

Recently, NCR Corporation has announced that they are upgrading the ATM machines across the country with the Interoperable Cardless Cash Withdrawl (ICCW) solution based on UPI platforms.

This enhanced solution will allow the user to withdraw money using UPI-based apps like Paytm, Google Pay and so on.

So essentially, in addition to payment for your goods, you will also be able to withdraw money in ATMs using your mobile applications. This will make your smartphone the one-stop solution for nearly all of your finance requirements.

What it would look like in the ATM machines:

• In addition to the current mode of withdrawals, there will be one more option added to withdraw money using UPI

• Upon selection, there will be a similar process as you do while visiting any retail shop for payment using UPI

• There will be a QR code on the ATM screen

• Open the application as per your convenience like Paytm, Google pay etc and scan that QR code

• Enter the amount and the pin to validate the transaction

• There you go! Cash will be withdrawn

Truth is, the QR codes are rapidly replacing the links to your Bank Account. Since most people now have smartphones, it is becoming convenient and hassle-free for them to use their phones for every possible task.