NewDelhi April 2 : NCR Corporation, the maker of automated teller machines (ATMs), launched the first interoperable cardless cash-withdrawal (ICCW) solution in collaboration with City Union Bank on Thursday. The system is based on Unified Payments Interface (UPI) platform. The bank has upgraded its 1,500 ATMs with the facility which will be QR code-based.
“This a forward step from using UPI app on the mobile phone to any ATM but sans any cards,’ Navroze Dastur, managing director for India and regional vice-president for South East Asia at NCR Corporation, told news agency PTI.
N Kamakodi, managing director of City Union Bank said that this facility is a next-generation solution and will ease be very helpful for the customers.
“We have partnered with NCR to deliver ICCW solution that will enable us to deliver this next-generation solution to our customers which will allow them card-less cash withdrawal using UPI QR code at our ATMs,” Kamakodi said, according to news agency PTI.
Here’s everything you need to know about the first cardless cash-withdrawal facility:
1. Using the facility, customers can withdraw cash using their mobile with any application which is UPI enabled like BHIM, Paytm, GPay.
2. Customers will not be required to swipe or carry cards while visiting such ATMs as they just need to scan the QR code on the screen. After this, the customers need to authorise the cash withdrawal through their mobile phone.
3. In order to increase the safety of the transactions, the QR code will be changed frequently. As the traction is based on a dynamic QR code, the QR code cannot be copied as with each transaction the code changes.
4. The withdrawal limit for such transactions is capped at ₹5,000
5. Customers will be able to avail this dynamic QR code-based interoperable cardless cash withdrawal facility from any ATM of any bank if they have been upgraded.