June 24, 2024

Financial institution of Baroda Financial institution India’s public sector financial institution, has acknowledged that the UPI ATM operate is now accessible at over 6,000 Financial institution of Baroda (BoB) ATMs throughout the nation. Clients will be capable of withdraw money with out utilizing a debit or bank card.

“It’s the first Public Sector Financial institution to launch UPI ATMs, in coordination with the Nationwide Funds Company of India (NPCI) and powered by NCR Company,” in line with the assertion printed by Financial institution of Baroda on September 8, 2023. purchasers of Financial institution of Baroda, in addition to purchasers of all taking part issuing banks, can withdraw money from Financial institution of Baroda UPI ATMs with out utilizing their debit card.”

The financial institution’s UPI ATM was on show on the World Fintech Fest 2023, which passed off from September 5 to 7 in Mumbai.

The UPI ATM affords easy QR-based money withdrawals, eliminating the necessity to carry a Card to withdraw money, in line with a BoB announcement. It makes use of the Interoperable Cardless Money Withdrawal (ICCW) know-how, which helps cardless money withdrawals by way of ATMs.

Options of UPI-ATM (ICCW) Service

  • Card-less Transaction Interoperability
  • The transaction restrict per transaction is Rs 10,000. Will probably be included within the current UPI per day restriction in addition to the Issuer Financial institution’s limits for UPI-ATM transactions.
  • There is no such thing as a want to hold a card whereas withdrawing money from an ATM.
  • The UPI APP permits you to withdraw cash from totally different accounts.

Who Is Eligible To Use The Financial institution Of Baroda UPI ATM?

Clients of Financial institution of Baroda, in addition to purchasers of all taking part issuing banks, can withdraw money from Financial institution of Baroda UPI ATMs utilizing any UPI-enabled Cellular app without having their debit or bank card.

Process For Withdrawing Money From A Financial institution Of Baroda UPI ATM

To withdraw money from a Financial institution of Baroda UPI ATM, full these steps:

  • Step 1: Choose the “UPI Cardless Money” choice on the ATM display screen.
  • Step 2: Select the money withdrawal quantity.
  • Step 3: Scan the QR Code displayed on the ATM display screen utilizing a UPI app.
  • Step 4: Choose the checking account to be debited, if a number of financial institution accounts are linked to a single UPI ID
  • Step 5: Verify the transaction utilizing the UPI PIN and acquire the money

The Benefits Of UPI ATM

Clients can withdraw money from quite a few accounts linked to UPI, which is without doubt one of the key benefits of the UPI ATM operate. In line with the financial institution, UPI ATM transactions are additionally quicker, extra handy, and safer. It’s because they produce a single-use dynamic QR code for every transaction and provide a secure banking expertise.

UPI ATM

How Does UPI-ATM (Interoperable Card-less Money Withdrawal) Work?

  • As soon as the shopper selects the choice ‘UPI money withdrawal’ on the ATM, the shopper shall be prompted to enter the withdrawal quantity.
  • After getting into the quantity, the ATM display screen will present a single-use dynamic QR code (signed). 
  • To acquire money from an ATM, prospects should scan the QR code with any UPI APP 
  • Within the subsequent step you must authorize the transaction utilizing their UPI PIN on their cell machine (UPI Software).