A video posted by Piyush Goyal has created a buzz among netizens on X. The video shows a man using an UPI-ATM to withdraw cash. It is a machine designed to help people withdraw cash using UPI, without the need for a physical card.
“UPI ATM: The future of fintech is here!” the union minister wrote as he posted the video. The clip shows a man explaining how the ATM operates. The video shows him withdrawing ₹500 through UPI while using the machine.
Business tycoon Anand Mahindra also shared the same video along with an appreciative caption. “This UPI ATM was apparently unveiled at the Global Fintech Fest 2023 in Mumbai on September 5. The speed at which India is digitising financial services and making them consumer-centric as opposed to corporate-centric (Alarm bell for credit card companies?) is simply dazzling. (I just have to make SURE I don’t misplace my cellphone!),” he wrote on X.
Take a look at this video of the man withdrawing money from an UPI-ATM:
The video was posted a few hours ago. Since being shared, it has accumulated close to 7.1 lakh views, and the numbers are quickly increasing. Additionally, the share has gathered more than 18,000 likes. People posted varied comments while reacting to the video.
What did X users say about this UPI-ATM?
“That’s one GIANT leap towards self-reliance in fintech,” shared an X user. “Path breaking feature in the UPI banking system! This feature will enable you to withdraw cash at any time without having a physical card,” joined another. “Digital India on the peak. I think har jagah ye honi chahiye [I think it should be everywhere],” expressed a third. “That’s amazing,” added a fourth. “Great news,” wrote a fifth.
The UPI-ATM service is also known as Interoperable Cardless Cash Withdrawal (ICCW). Hitachi Payment Services in collaboration with the National Payments Corporation of India (NPCI) launched India’s first UPI-ATM on September 5. Through this machine, users of certain banks can do “QR-based cashless withdrawals”.
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