Anand Mahindra's Latest Tweet Showing India's First UPI ATM Goes Viral

Move over debit cards. India¡¯s first UPI ATM is here. Billionaire Anand Mahindra tweeted a video of the same this morning, and it has gone viral.

Anand Mahindra Shares Video Of India's First UPI ATM

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Anand Mahindra has shared a video of India's first UPI ATM. "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 & 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! ?)".

Within just of couple of hours, his tweet has garnered over 2.7 lakh views on X (formerly Twitter).

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 & making them consumer-centric as opposed to corporate-centric (Alarm bell for credit card companies?) is simply dazzling.¡­ pic.twitter.com/krBXhbc9Qh

¡ª anand mahindra (@anandmahindra) September 7, 2023

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Details About India's First UPI ATM

Hitachi Payment Services, a subsidiary of Japan-based Hitachi Ltd, on Tuesday announced the launch of India's first-ever UPI-ATM as a White Label ATM (WLA) named Hitachi Money Spot UPI ATM, with the National Payments Corporation of India (NPCI).

In the announcement, the company said the ATM will offer cardless cash withdrawals, eliminating the need for physical cards. A UPI-ATM allows users to withdraw cash from multiple accounts using the United Payments Interface (UPI) app. WLAs are operated by non-banking entities, as per Business Standard.

anand mahindra twitter

The company said it will drive financial inclusion by facilitating easy access to banking services in areas where traditional banking infrastructure and card penetration is limited.

In the announcement, NPCI, said, "We are delighted to empower customers with this innovative and customer-friendly enhancement for ATM transactions. The launch of the UPI ATM will mark a significant milestone in banking services by seamlessly integrating the convenience and security of UPI into traditional ATMs. This innovative concept is designed to provide quick access to cash even in the remote areas of India without the need for a physical card."

Notably, Hitachi Payment Services is the only White Label ATM operator to offer a cash deposit facility. It offers the facility across 3,000 locations in India.

As per the company, it is the country's first-ever UPI ATM launched on the Android platform in association with NPCI. The UPI ATM is built on Android operating systems and brings in significant possibilities of transitioning from the legacy architecture of transaction processing and ATM management to offering solutions in line with evolving technology. It has over 65,500 ATMs (including 27,500 cash recycling machines) and 9,500 WLAs under management.

Also Read: ICICI Bank Becomes India's First Lender To Introduce EMIs On UPI

How To Use UPI ATM?

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1) First, you need to select the amount you wish to withdraw from the ATM.

2) Then, a QR code will be displayed on the screen for the selected amount.

3) You have to scan the QR card using any UPI app available on your mobile phone.

4) Next, you have to enter your UPI PIN on your mobile to authorise the transaction.

5) Once it is authorised, the ATM will disburse the cash.

Also Read: Explained: How RBIs Digital Rupee (e?) Is Different From UPI

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