Cashless and Card-less

While UPI makes life oh-so-convenient, there are still situations where one needs cash. But when you are outdoors and suddenly need cash, what do you do? It’s not like people carry their debit card around anymore.

 

What’s the solution? UPI-ATM ICCW. The first two abbreviations are well known, the last one stands for Interoperable Card-less Cash Withdrawal. (1) If the ATM supports ICCW, the menu will offer a choice of “UPI cash withdrawal”. (2) Enter the withdrawal amount. (3) A QR code will be displayed on the ATM screen. (4) Scan the QR code with a UPI app that supports UPI-ATM transactions. (5) Authorize the transaction by entering the UPI app PIN. (6) Money is debited from the UPI app; and the ATM dispenses the cash.

 

See how easy that was?

 

Currently, there is a limit of ₹10,000 per transaction. But it could vary by bank. The facility is limited to BHIM UPI app and a handful of banks to begin with; but it is expected to expand soon. If you use your own bank’s ATM, 5 transactions are free per month. From other banks, it is 3 (or 5) free transactions per month (metro or non-metro). Thereafter, it will cost ₹20 per transaction.

 

While the West went cashless, India is moving to become card-less and cashless. The key to all this is the word, “interoperable”. In India, interoperable is possible because the government has built the digital infrastructure called UPI and made banks adopt it, opening up such opportunities. That’s also the reason why such systems (not even plain UPI-equivalents, let alone UPI-ATM ICCW) don’t arise in the West – each private bank and financial institution insists on creating its own proprietary protocols that don’t work with others.

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