Cardless cash withdrawal facility will prove to be very helpful in preventing frauds from happening at ATMs. This is the reason why RBI has asked all banks to enable this facility in their ATMs as soon as possible.
New Delhi. To prevent ATM fraud, cardless cash withdrawal facility has been started in the country. In this new service, customers can withdraw money from ATM with the help of UPI only and they do not need to insert ATM card in the machine. The new facility has been named as Interoperable Cardless Cash Withdrawal (ICCW). RBI has instructed all banks to start ICCW facility in their ATMs at the earliest.
National Payment Corporation of India (NPCI) has developed a new facility related to UPI. Once the cardless cash withdrawal is installed in the ATM machine, you can withdraw money through Google Pay, Paytm, PhonePe and other UPI apps. For this you just need to have your phone with you. This new service will prove to be very helpful in preventing fraud in ATMs. This is the reason why RBI has asked all banks to enable this facility in their ATMs as soon as possible.
What will be the charge?
Moneycontrol According to a report in the US, there will be a charge for withdrawing money from ATMs using UPI or whether this facility will be available free of cost, the situation was not clear till now. But, now the Reserve Bank of India has made it clear that no bank can charge any separate charge from its customers for withdrawing money from UPI. The cardless facility will be just like ATM, debit card withdraw money. There will be no need to insert ATM card in ATM machine to withdraw money from ATM using UPI. The QR code will appear on the ATM screen, which will be scanned by the phone and you will be able to withdraw money. In such a situation, threats like card cloning or skimming can be avoided.
Money will come out like this
- First of all, the cash withdrawal option has to be selected in the ATM machine.
- After this, the Cash Withdrawal with UPI option has to be selected on the ATM screen.
After doing this, the QR code will appear on the screen of the ATM machine. - By scanning this QR code from the smartphone, the amount to be withdrawn in the UPI app will have to be filled.
- After this, UPI PIN has to be entered in the smartphone.
- Money will be withdrawn from the ATM machine as soon as you enter the PIN.
