A UPI-enabled ATM allows cardless cash withdrawal via the Interoperable Cardless Cash Withdrawal (ICCW) system.
The ATMs allow cash withdrawals via a QR code using the UPI PIN.
It eliminates the need to carry a card or remember ATM pins for cash withdrawal and prevents theft risk.
A UPI ATM uses QR-based codes, unlike the existing cardless cash withdrawals that rely on mobile numbers and OTPs.
Customers can withdraw up to Rs 5,000 from an ATM via ICCW.
Nearly a dozen banks, including SBI, HDFC, and PNB, currently offer the service.
It aims to provide quick access to cash with convenience and security like traditional ATMs, mainly in rural areas.
The National Payments Corporation of India (NPCI) facilitates UPI integration with all banks and ATM networks.
Compiled By Himani Verma