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Science & Tech., Economy
Mahesh

24/05/22 14:25 PM IST

Cardless cash withdrawals

In News 
  • In a move that could come as a relief for ATM users, all banks, ATM networks and White Label ATM Operators (WLAO) may now offer the option of interoperable card-less cash withdrawal at their ATMs.
Working
  • For Card-less Cash Withdrawal transactions, the Unified Payments Interface (UPI) facility will be used for customer authorization and settlement will be through the National Financial Switch (NFS) or the ATM networks.
  • For this, RBI asked the National Payments Corporation of India (NPCI) to facilitate the integration of UPI with all banks and ATM networks.
  • The withdrawal limits for ICCW transactions will be similar to ATM withdrawals. At present, cardless cash withdrawal through ATMs is offered by only a few banks like ICICI and HDFC.
Benefits 
  • According to the RBI Governor, not only will the service be convenient for users, it will also lessen the scope for frauds.
  • This is because the physical card will not be used for taking out cash, thus, chances of frauds such as skimming, card cloning, device tampering and so on might come down.

How will it work?
  • While withdrawing money from such ATMs, the users will need to choose cardless withdrawal-QR-UPI option and enter the amount they wish to withdraw before proceeding to the next page. (Note: The bank has capped the withdrawal at Rs 5,000 using the UPI mode at present).
  • Next step is to scan the QR code on ATM using BHIM, GooglePay or PayTm apps or scan it using your CUB UPI scanner in the mobile app.
  • Enter the pin and click on pay to continue. Finally, click on the ‘press here’ tab for cash option in the ATM machine and collect cash.
Source- Times Now 

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