In a groundbreaking move, Bank of Baroda, one of India’s leading public sector banks, has ushered in a new era of convenience and security in banking services. On September 8, 2023, the bank made a historic announcement, introducing the UPI ATM facility at over 6,000 Bank of Baroda ATMs across the nation. This innovative service enables customers to access their funds without the need for traditional debit or credit cards, offering a seamless and secure cash withdrawal experience.
Bank of Baroda UPI ATM: A Pioneering Achievement
Bank of Baroda takes the lead as the first Public Sector Bank to launch UPI ATMs, in collaboration with the National Payments Corporation of India (NPCI) and powered by NCR Corporation. This move signifies a significant leap forward in the evolution of banking services in India.
Who Can Benefit from Bank of Baroda UPI ATM?
The beauty of this service lies in its inclusivity. Bank of Baroda customers, as well as customers of all participating issuer banks who use any UPI-enabled mobile app, can now withdraw cash from Bank of Baroda UPI ATMs without the necessity of their debit or credit cards. This inclusivity ensures that a wide range of individuals can access this revolutionary feature.
The Technology Behind UPI ATM: Interoperable Cardless Cash Withdrawal (ICCW)
The magic behind Bank of Baroda’s UPI ATM lies in its cutting-edge technology. Using Interoperable Cardless Cash Withdrawal (ICCW) technology, this ATM offers QR-based cash withdrawals, eliminating the need to carry physical cards. With this technology, Bank of Baroda is simplifying banking for its customers.
Steps to Effortless Cash Withdrawal
The process to withdraw cash from a Bank of Baroda UPI ATM is as simple as it gets:
Step 1: Select the “UPI Cardless Cash” Option
When you arrive at the ATM, simply choose the “UPI Cardless Cash” option on the screen.
Step 2: Choose Your Withdrawal Amount
Select the desired cash withdrawal amount that suits your needs.
Step 3: Scan the QR Code
Scan the QR code displayed on the ATM screen using your UPI app.
Step 4: Select Your Bank Account
If you have multiple bank accounts linked to a single UPI ID, choose the one from which you want to withdraw funds.
Step 5: Confirm and Collect
Confirm the transaction using your UPI PIN, and collect your cash hassle-free.
Benefits of UPI ATM
Bank of Baroda’s UPI ATM offers a multitude of benefits to its users:
- Multi-Account Access: Customers can withdraw cash from multiple accounts linked to their UPI ID, providing unmatched flexibility.
- Speed and Convenience: UPI ATM transactions are lightning-fast, making cash withdrawals quicker and more convenient than ever before.
- Enhanced Security: Each transaction generates a unique dynamic QR code, ensuring a secure and fraud-resistant banking experience.
Understanding UPI-ATM (ICCW): How It Works
To delve into the technicalities, the NPCI website provides valuable insight into the workings of UPI-ATM:
- Select UPI Cash Withdrawal: At the ATM, customers are prompted to choose the “UPI cash withdrawal” option.
- Enter Withdrawal Amount: After selecting the option, customers can enter the desired withdrawal amount.
- Dynamic QR Code Display: A single-use dynamic QR code, signed for security, is displayed on the ATM screen.
- Scan and Authorize: Using any UPI app, customers scan the QR code and authorize the transaction by entering their UPI PIN on their mobile device.
Features of UPI-ATM (ICCW) Service
Bank of Baroda’s UPI-ATM service boasts the following features:
- Interoperable: This service is designed to work seamlessly with other banks, promoting financial inclusivity.
- Card-less Transactions: Bid farewell to the hassle of carrying physical cards for ATM cash withdrawals.
- Transaction Limit: The transaction limit for UPI-ATM is up to Rs 10,000 per transaction. This amount falls within the existing UPI daily limit and is subject to the limits set by the Issuer Bank for UPI-ATM transactions.
Bank of Baroda’s UPI ATM is a game changer in the world of banking. With its advanced technology, convenience, and enhanced security, it promises to redefine the way we access our funds. Say goodbye to the era of traditional cards, and welcome the future of cashless cash withdrawals with open arms. Bank of Baroda has truly raised the bar for banking services in India.