MONEY FROM ATMs USING UPI APP

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Withdrawing money from an ATM is an easy task for the people who are very much exposed to technology whereas it creates somewhat confusion for the people who are unaware of using the ATM cards on a regular basis. So, in that case, people usually visit banks where they have to undergo a long process again.
 To make the use of ATMs easier for people, a notice was issued that the bank account holders can withdraw the cash from ATMs by scanning a QR code on the machine’s screen. ATM services are provided to the banks through AGS Transact Technologies have developed a solution for withdrawing the cash by enabling the use of Unified Payments of Interface (UPI).
This technique of using the QR code and UPI cash service requires neither the users to sign onto a new service nor to download any new app. The only thing that the bank holder required is the subscription to a mobile application that is already UPI enabled to get such a payment. This scanning method is the same as making the UPI payment.
AGS Transact Technologies claimed that it has already demonstrated the proof of this concept making the banks enthralling about its use.
It was said that the service has been waiting for the approval of the National Payment Corporation Limited (NPCL) which is responsible for both the switches that control the ATM networks and UPI platforms which run on the same financial switch where UPI is said to be proven as the secured platform.
No major investment is required for the banks which are planning to deploy this on this on their ATM networks. There will be no change in the hardware system but a slight change to the software in the ATMs is made to make the service possible.
Second generation version of the platform is what makes the use of UPI for ATM withdrawal easier. UPI 2.0 — includes classification of recipients against merchant codes, just like in credit card payments. ATMs are also listed as a merchant category, which will enable ATM-deploying banks to recover the interchange fee from banks that are users of the network.
Currently, it was told that the UPI platform is seeing large volumes in peer-to-peer payments and is also picking up in merchant transactions. The month of November 2018 saw 52 crore transactions with a total value of Rs. 82,232 crore.



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