Digital payment solutions that are cashless and fast have changed the way people transact. For example, United Payments Interface or UPI applications, like Google Pay , Paytm, and PhonePe, are widely used for various transactions.
However, the emergence of the Interoperable Cardless Cash Withdrawal (ICCW) technology has taken it a step further, offering a cash withdrawal facility at ATMs using UPI for the first time.
You can withdraw up to Rs 5,000 from an ATM via ICCW, developed by the NCR Corporation.
UPI, overseen by the National Payments Corporation of India (NPCI), has seen tremendous growth in India since its debut in 2016.
Currently, only a few banks offer the cardless ATM cash withdrawal facility using UPI. Some of them are the State Bank of India (SBI), HDFC Bank, and Punjab National Bank. Customers are not required to carry their cards or remember ATM pins using the ICCW facility.
Here Are the Steps For ICCW:
Step 1: Go to an ATM and choose the withdraw cash option.
Step 2: On the ATM machine's screen, choose the UPI option.
Step 3: After that, the ATM screen will show a QR code.
Step 4: Switch to the QR code scanner and select any UPI-based payment app from your device.
Step 5: After the scan, the customer can proceed to withdraw up to a maximum of Rs 5,000.
Step 6: Click the "Hit Proceed" button after entering the UPI PIN to withdraw money.
The likelihood of a failed transaction due to an incorrect PIN, or the risk of loss or theft of debit or credit cards, is greatly reduced using the ICCW facility.
However, RBI Governor Shaktikanta Das said the banks would continue to provide debit cards even after the ICCW facility becomes a success.
No additional fee would be levied for UPI cash withdrawals at ATMs.
