The National Payment Corporation of India (NPCI) has recently introduced a groundbreaking innovation in the banking services sector – the UPI ATM Machine. This innovative machine allows users to withdraw cash using UPI-enabled mobile apps such as GPay, PhonePe, and PayTM, without the need for a physical debit or credit card. The UPI ATM Machine was launched at the Global Fintech Fest in Mumbai in collaboration with Hitachi, offering a convenient and secure way for individuals to access their funds.
➤ UPI ATM Machine Features:
– ✍️Device Name:✍️ NPCI UPI ATM Machine
– ✍️Developed by:✍️ Hitachi and NPCI
– ✍️Purpose:✍️ Cardless Withdrawal from Bank Account
– ✍️Type of Machine:✍️ ATM
– ✍️Type of ATM:✍️ White Label ATM
– ✍️How to Use:✍️ By UPI App
– ✍️Security:✍️ End to End Encryption
– ✍️Valid UPI Apps:✍️ GPay, PhonePe, PayTM, and others
– ✍️NPCI UPI ATM Machine Features:✍️ Cardless Withdrawal, UPI to Cash transactions, and more
– ✍️UPI ATM Withdrawal Limit:✍️ Rs 10,000/-
➤ How to Use UPI ATM Machine for Withdrawal:
1. Open the UPI app on your mobile.
2. Select the cardless withdrawal option.
3. Choose the withdrawal through the UPI app.
4. Select the desired amount and generate the QR code.
5. Scan the QR code at the UPI ATM Machine.
6. Complete the payment through your UPI app.
7. Wait for the machine to dispense the cash.
8. Collect the cash and use it as needed.
➤ UPI ATM Machine Franchise Opportunity:
The NPCI is offering individuals the opportunity to apply for the UPI ATM Machine franchise online through their portal. By bidding for the franchise, you can set up and manage the UPI ATM Machine at your desired location and earn a percentage of the transaction charges. This franchise opportunity provides a lucrative business model for those looking to generate income through the UPI ATM Machine.
➤ FAQs
➤# When was the UPI ATM Machine Launched?
The UPI ATM Machine was launched at the Global Tech Fest held in Mumbai.
➤# What are the Features of the UPI ATM Machine?
The UPI ATM Machine allows users to withdraw cash without the need for a debit or credit card.
➤# What is the UPI ATM Withdrawal Limit?
The UPI ATM Withdrawal Limit is Rs 10,000/-.
With the UPI ATM Machine revolutionizing the way cash withdrawals are done, this innovative technology is set to enhance the banking experience for individuals across India. Stay tuned for more updates on the UPI ATM Machine franchise and its expansion to Tier 1 cities in the near future.
➤ Conclusion
The launch of the UPI ATM Machine marks a significant advancement in the Indian banking landscape by offering a convenient and cardless cash withdrawal solution. With its user-friendly interface and secure transactions, the UPI ATM Machine is poised to transform the way individuals access their funds. As the franchise opportunities become available, individuals have the chance to participate in this innovative venture and benefit from the growing demand for UPI-enabled services. Keep an eye on the developments in the UPI ATM Machine space for exciting opportunities ahead.
