Digital transactions in India have been transformed by the Unified Payments Interface (UPI) in recent years. It provides users with a hassle-free and easy way to transfer money. This innovative payment system has evolved continuously, introducing new features to improve the user experience. In this article, we will discuss two significant additions: UPI ATM and Conversational UPI transactions.
UPI ATM: Redefining Accessibility
The Unified Payments Interface Automated Teller Machine (UPI ATM) is an innovative feature that combines digital and physical transactions. With UPI ATM, customers can withdraw cash from ATMs without a debit card. The HITACHI Money Spot UPI ATM is a prime example of this technology.
The launch, in partnership with NPCI, will redefine the ATM experience for Indians. Hitachi is the only White Label ATM operator allowing cash deposits.
The ATM is powered by Android OS, enabling users to retrieve funds from multiple accounts through their UPI app. This functionality primarily benefits regions with limited traditional banking infrastructure and card coverage, promoting financial inclusion and convenient banking access. With improved security measures and a user-friendly interface, the ATM ensures you a hassle-free cash withdrawal experience.
How Does UPI ATM Work?
Making a transaction through the Unified Payment Interface (UPI) ATM option is simple and secure. First, the user generates a unique code, which is used to authenticate the transaction at the ATM. Once verified, the requested amount is dispensed from the ATM, giving the user a seamless and hassle-free experience.
Choose the cash amount you wish to withdraw.
- The ATM displays the UPI QR code linked to the chosen amount.
- Scan this QR code using your UPI application.
- Enter the UPI PIN for transaction authentication.
- Take your money.
Who Can Benefit from UPI ATM?
The Unified Payment Interface ATM is a revolutionary feature that benefits diverse users. From tech-savvy millennials to individuals living in remote areas with limited access to traditional banking, this feature empowers everyone with easy access to cash. It will promote financial inclusion by facilitating easy access to banking services in areas with limited conventional banking infrastructure and low card penetration.
Where Can You Find HITACHI UPI ATMs?
HITACHI ATMs are available in over 3,000 locations nationwide and can be easily located using UPI-enabled apps.
Enhancing Security Measures
ATMs have always been known for their convenience, but security has been a concern for many users. Traditional ATM transactions have always been at risk of card skimming and unauthorized access, which can make users feel insecure about their accounts.
However, new ATMs have been designed using a unique one-time code system to eliminate this risk. This makes it almost impossible for fraudsters to access user accounts, ensuring that users can have peace of mind and carry out transactions without worrying about their security.
Distinguishing UPI ATMs from Cardless Cash Withdrawals
Unlike cardless cash withdrawals that rely on mobile numbers and OTPs, the UPI-ATM uses QR-based UPI cash withdrawal mechanisms. Users must install a UPI app on their Android or iOS devices to use this technology.
Conversational UPI Transactions: A Natural Interaction
The National Payments Corporation of India (NCPI) introduced Conversational UPI. These transactions will revolutionize the way users interact with the UPI platform. This feature will let users initiate transactions using natural language commands, making the process more intuitive and user-friendly.
Why did NCPI introduce Conversational UPI Transactions?
The traditional process of initiating UPI transactions involves navigating through various screens and input fields, which can be daunting for some users. Conversational UPI simplifies this process, allowing users to perform transactions with ease.
Why Choose NCPI’s Conversational Feature?
NCPI’s feature simplifies the transaction process, making it easier for users with limited technical proficiency to navigate the UPI platform effortlessly. Conversational transactions via UPI are a significant step towards creating a more inclusive digital payment ecosystem, empowering users who face challenges with traditional interfaces. This will make digital transactions accessible to a wider audience, thereby promoting financial inclusion.
Who Benefits from Conversational UPI Transactions?
Conversational UPI is particularly beneficial for users who may not be tech-savvy or those with limited dexterity. This feature levels the playing field, ensuring everyone can leverage digital payment advantages.
How to Use Conversational UPI Transactions?
Users can activate the voice command feature in their UPI-enabled app to make transactions by speaking their commands, such as “Send 1000 rupees to Shanti.” The app will confirm the details before processing the request.
Embracing the Future of Digital Transactions
With the introduction of the HITACHI UPI ATM and NCPI’s Conversational Feature, the Unified Payment Interface ecosystem continues to push the boundaries of convenience and accessibility. These features not only cater to the diverse needs of users but also represent a significant step towards a more inclusive digital economy. So, whether in a bustling city or a remote village, Unified Payment Interface ensures you’re never far from the future of digital payments.
Can I use UPI ATM at any ATM?
Yes, you can use it at any ATM that supports UPI transactions.
Can I set up a voice command in multiple languages for NCPI’s Conversational Feature?
Yes, NCPI’s Conversational Feature supports multiple languages for user convenience.
Can I use UPI ATM for international transactions?
No, this service is currently only available for domestic transactions within India.
What if my voice command is not recognized?
In such cases, users can manually input transaction details.
Are there any additional charges for using UPI ATM?
Such transactions do not incur additional charges beyond standard UPI fees.
I’m Archana R. Chettiar, an experienced content creator with
an affinity for writing on personal finance and other financial content. I
love to write on equity investing, retirement, managing money, and more.