In a groundbreaking move that promises to redefine the way we interact with ATMs, multiple banks in India have launched the Interoperable Cardless Cash Withdrawal (ICCW) feature. This innovative feature allows consumers to withdraw cash from ATMs using the Unified Payments Interface (UPI), eliminating the need for physical debit cards.
The launch of ICCW is a significant milestone in the Indian banking sector, marking the convergence of UPI and ATM technologies. This initiative is a collaborative effort involving the National Payments Corporation of India (NPCI) and Hitachi Payments. The feature aims to offer secure, card-less cash withdrawals and is India’s first-ever UPI ATM service.
To avail of this service, users need to locate a UPI-compatible ATM and follow these steps:
The withdrawal limit for UPI ATMs is capped at Rs 10,000 per transaction. This limit is part of the existing daily UPI limit and varies according to the issuer bank’s policies for UPI-ATM transactions.
By embracing this revolutionary feature, the Indian banking sector has taken a significant step towards enhancing consumer convenience and security. The integration of UPI and ATMs is not just a technological advancement; it’s a leap towards a more inclusive and efficient financial ecosystem.