New Delhi: Anand Mahindra, a business magnate, has posted a video of a special ATM that utilizes UPI (Unified Payments Interface) apps. Mahindra shared the video on the X platform (formerly known as Twitter) and praised the innovation. The UPI-based ATM was on display during the most recent Global Fintech Fest in Mumbai, according to Mahindra’s tweet.
“This UPI ATM was apparently unveiled at the Global Fintech Fest 2023 in Mumbai on September 5. The speed at which India is digitizing financial services & making them consumer-centric as opposed to corporate-centric (Alarm bell for credit card companies?) is simply dazzling. (I just have to make SURE I don’t misplace my cellphone!”, Anand Mahindra posted on X.
This UPI ATM was apparently unveiled at the Global Fintech Fest 2023 in Mumbai on September 5. The speed at which India is digitising financial services & making them consumer-centric as opposed to corporate-centric (Alarm bell for credit card companies?) is simply dazzling.… pic.twitter.com/krBXhbc9Qh
— anand mahindra (@anandmahindra) September 7, 2023
What Is UPI Based ATM?
The fastest-growing payment method in the nation is called the Unified Payments Interface (UPI), which is utilized for instantaneous money transfers using mobile devices. At the ongoing Global Fintech Fest in Mumbai on Tuesday, a cutting-edge UPI ATM that facilitates cardless cash withdrawals was unveiled for the first time.
Internet users welcome the new feature, which is known as “India’s first UPI ATM,” as a “game changer” because it does away with the need to carry around conventional ATM cards.
Piyush Goyal Also Shares Video
Union Minister Piyush Goyal uploaded a video on X on Thursday showing FinTech expert Ravisutanjani demonstrating how to use UPI to withdraw money from an ATM.
The original uploader of the video, Mr. Ravisutanjani, first selects the UPI cardless cash option that appears on the screen and is then invited to enter the desired withdrawal amount. A QR code appears on the ATM screen after the money has been input.
He then inputs his UPI PIN after scanning the QR code with the BHIM app. Soon later, he collects the money. Mr. Goyal shared the video with the caption, “UPI ATM: The future of fintech is here!
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