UPI ATM cash withdrawal
UPI ATM cash withdrawal is a convenient way to access cash without using a physical card. This method allows users to withdraw cash directly from ATMs using the UPI app on their mobile phones. It leverages the security of UPI, ensuring safe and seamless transactions. With the increasing adoption of digital payments, UPI ATM cash withdrawal is gaining popularity as a preferred method for accessing cash quickly and securely.
What is cash withdrawal using UPI at an ATM?
Cash withdrawal using UPI at an ATM is a process that enables users to withdraw cash without needing a debit or credit card. Instead, the transaction is authenticated through a UPI-enabled mobile app. This method provides an added layer of security and convenience, reducing the risk of card-related fraud. By scanning a QR code or entering a UPI ID, users can easily access cash from their accounts at ATMs supporting this feature.
How to withdraw cash from ATM using UPI?
To withdraw cash from an ATM using UPI, follow these steps:
- Open your UPI-enabled app on your mobile phone.
- Select the 'WITHDRAW CASH' option and enter the desired amount.
- Visit a UPI-compatible ATM and scan the QR code displayed on the screen.
- Authorise the transaction on your app using your UPI PIN.
- Collect the cash from the ATM once the transaction is successful.
UPI ATM cash withdrawal limit
The withdrawal limit may vary depending on the bank and the UPI app used.
Typically, the daily withdrawal limit is set at Rs. 5,000 to Rs. 10,000.
- Some banks may impose additional restrictions based on account type and transaction history.
- Users should check with their respective banks for precise limits and conditions.
UPI ATM cash withdrawal benefits
- Convenience: No need for a physical card, making it easier to access cash.
- Security: Transactions are authenticated using UPI PIN, reducing fraud risks.
- Accessibility: Available at various ATMs supporting UPI transactions.
- Efficiency: Quick and seamless transactions without entering card details.
Transaction limits and charges for UPI ATM withdrawals
Per transaction limit: Each UPI ATM transaction allows you to withdraw a maximum of Rs. 10,000.
Daily transaction limit: The daily transaction limit for UPI ATM cash withdrawals is determined by your bank. It is essential to check with your bank to understand the specific limit they have set.
Charges:
The National Payments Corporation of India (NPCI) does not levy any charges for UPI ATM transactions. However, the existing ATM fee structure may apply. For instance, ATM withdrawal fees above the free limit are Rs. 21 plus applicable taxes. It is advisable to check with your bank for specific fee structures as they can vary.
UPI ATM cash withdrawal vs. card-based withdrawal
UPI ATM cash withdrawal:
- Authentication method: Utilizes QR code scanning for authentication.
- ·Security: More secure as it eliminates the need for entering sensitive information like OTPs.
- Convenience: Allows withdrawals using any UPI-enabled app, making it more convenient.
- Accessibility: Can be used at any participating bank's ATM, offering wider coverage.
- Process: Scan the QR code displayed on the ATM screen using your UPI app, enter your UPI PIN, and collect the cash.
Card-based withdrawal:
- Authentication method: Requires inserting a physical card and entering a PIN.
- Security: May be prone to card-related frauds such as skimming and cloning.
- Convenience: Requires carrying a physical card, which can be inconvenient if the card is lost or misplaced.
- Accessibility: Limited to ATMs that accept the specific card network (e.g., Visa, MasterCard).
- Process: Insert the card, enter the PIN, select the amount, and collect the cash.
Advantages of UPI over traditional methods
UPI offers significant advantages over traditional withdrawal methods. It eliminates the need for physical cards, reducing the risk of card loss or theft. The authentication process through UPI apps enhances security, making transactions safer. Additionally, UPI allows for quick and easy access to funds without entering card details, streamlining the withdrawal process. The convenience and efficiency of UPI make it a preferred choice for many users.
Security features of UPI ATM withdrawals
UPI ATM withdrawals incorporate several security features to protect users. Transactions are authenticated through a UPI PIN, ensuring that only the account holder can authorise withdrawals. The use of QR codes adds an extra layer of security by minimising the risk of unauthorised access. Additionally, UPI apps offer real-time notifications for every transaction, enabling users to monitor their accounts closely. These features collectively enhance the safety of UPI ATM withdrawals.
Future of UPI ATM withdrawals
The future of UPI ATM withdrawals looks promising as more banks and financial institutions adopt this technology. The convenience and security offered by UPI are likely to drive widespread adoption. As the network of UPI-compatible ATMs expands, users will find it increasingly easy to withdraw cash without a physical card. The ongoing advancements in digital payment technologies are expected to further enhance the functionality and accessibility of UPI ATM withdrawals.
The Bajaj Finserv BBPS platform is a one-stop platform for managing UPI payments efficiently. The platform offers a seamless user experience, enabling users to pay bills, transfer funds, and manage finances in one place. BBPS supports multiple payment methods, including UPI for direct bank transfers. Users can access various services, such as utility bill payments, recharges, and more, making financial management simple and convenient.
Conclusion
UPI ATM cash withdrawal is transforming the way users access cash, offering enhanced convenience and security. This cardless method leverages the robust UPI infrastructure, making it a reliable option for quick cash withdrawals. As more ATMs adopt this technology, it is expected to become a standard feature across banking services, simplifying the cash withdrawal process for users.
