September 22, 2023
At the Global Fintech Fest 2023, Hitachi Payment Services, a subsidiary of Japanese company Hitachi, introduced an ATM that allows withdrawal of money through UPI. There is no need for ATM card to withdraw money from this ATM. Instead you will need your smartphone. The ATM will show you the QR code and you can scan it and withdraw cash. India is known worldwide for its UPI system. Even Germany has been affected by this facility of digital payment and that is why Germany is now preparing to implement this facility in its country. UPI is being used in large numbers across the country and that is why Hitachi has now made UPI ATM for the convenience of the people. This ATM was introduced on Tuesday. It provides cardless cash withdrawal facility. It has been described as ‘India’s first UPI ATM’. In this ATM, users can withdraw money through UPI without card. The ATM will show a QR code to the user and the user has to scan this QR code with his phone and the money will be deducted from the account and the cash will be withdrawn from the ATM. On Thursday, Union Minister Piyush Goyal posted a video on Twitter, in which the fintech Veteran Ravisutanjani is shown explaining how to withdraw cash from an ATM using UPI. In this video, Ravisutanjani first click on the UPI Cardless Cash option visible on the screen and enter the withdrawal amount as per your wish. After this a QR code appears on the ATM screen. They then scan the QR code using the BHIM app and enter their UPI PIN. The ATM dispenses cash within a few seconds. While sharing the video, the Minister wrote, “UPI ATM: The future of fintech is here!” This unique ATM has been developed by the National Payments Corporation of India in collaboration with Hitachi and it Will be operated by NCT ​​Corporation. The new UPI ATM currently supports BHIM UPI app, but it will soon go live on other apps like Google Pay, PhonePe and Paytm.