You will soon be able to withdraw cash from ATMs using UPI QR code.
Bank of India has already introduced this facility for its own customers, in partnership with Mumbai-based payments company AGS Transact Technologies.
“The UPI-based cash withdrawal service has an easy step-by-step process, the customer can initiate the cash-out through QR code instructions on the terminal, following which a dynamic QR code is flashed, which needs to scanned by the UPI app the customer chooses to use.”
India has about 837 million debit cards and about 49 million credit cards in circulation – and 100 million UPI users, which is growing significantly.
UPI based QR code system will hopefully help in controlling debit card frauds (cloning/skimming).