Cardless cash withdrawal across all ATMs via UPI and Will it reduce ATM usage

Ashish Ahuja, Chief Operating Officer, Fino Payments Bank

"The RBI announcement is in-line with the digitally driven innovations happening in the banking space over the last few years.

Of late we have seen cashless as well as contactless payments scenario shaping up. UPI and QR codes have drastically changed how we make and accept payments. We believe QR codes are the future of banking and payments industry for their inherent ease of use and facilitating secure cashless transactions.

Cardless cash withdrawal at ATMs via UPI will further simplify banking for customers. Let's say it's another channel or platform for customers to access cash. In the new approach cash is still withdrawn from ATM machines, the change is instead of physical debit cards customers can use UPI based QR code to withdraw cash.

This form of cash withdrawal will inherently appeal to the newer generation that is digitally savvy and experiments with newer initiatives. Their usage and acceptance will play a key role in making UPI based QR code cash withdrawals more widespread. It will augment their experience as in addition to the ease of transactions, the new cardless facility would help prevent card related frauds such as cloning, scheming etc.

Let's say it's another channel or platform for customers to access cash. In the new approach cash is still withdrawn from ATM machines, the change is instead of physical debit cards customers can use UPI based QR code to withdraw cash."

Shares of Fino Payments Bank Limited was last trading in BSE at Rs. 299.30 as compared to the previous close of Rs. 305.00. The total number of shares traded during the day was 9345 in over 702 trades.

The stock hit an intraday high of Rs. 310.70 and intraday low of 292.40. The net turnover during the day was Rs. 2854211.00.

Source : Equity Bulls

Keywords

FinoPaymentsBank RBI Cardless CashWithdrawal