Piyush Goyal shares a video of a man withdrawing cash from an ATM using UPI
The identical video that Piyush Goyal posted was also shared by Anand Mahindra. It depicts a man outlining the UPI-ATM cash withdrawal process.
Piyush Goyal shared a video on X that had people talking. In the footage, a man is seen taking money out of a UPI ATM. It is a device made to enable UPI cash withdrawals without the use of actual cards.
The union minister uploaded the video along with the caption, “UPI ATM: The future of fintech is here!” In the video, a man is shown describing how the ATM works. He can be seen utilizing the machine and withdrawing 500 through UPI in the video.
Anand Mahindra, a business mogul, also uploaded the same video with a positive remark. This UPI ATM reportedly made its debut on September 5 at the Global Fintech Fest 2023 in Mumbai. It is just amazing how quickly India is digitizing financial services and moving them away from being corporate-centric toward being consumer-centric (Alarm bell for credit card companies?). He wrote on X, “(I just have to make SURE I don’t misplace my smartphone!).
Regarding UPI-ATM:
The Interoperable Cardless Cash Withdrawal (ICCW) protocol is another name for the UPI-ATM service. On September 5, Hitachi Payment Services and the National Payments Corporation of India (NPCI) introduced the country’s first UPI-ATM. Users of specific banks can perform “QR-based cashless withdrawals” with this device.