UPI-based ATMs will not replace conventional ATMs; both will co-exist

An ATM solely dedicated to UPI-based cash withdrawals simplifies the machine's hardware components

India’s automated teller machine (ATM) network may soon see an upgrade as it introduces a new feature to existing ATMs, allowing them to dispense cash through Unified Payments Interface (UPI)-based quick response (QR) codes.

In September, National Payments Corporation of India (NPCI) unveiled UPI-based ATMs. These machines enable customers to withdraw cash without requiring a physical card. Users simply scan a QR code displayed on the ATM screen, enter the desired amount, and input their UPI personal identification number (PIN) on their phone to withdraw money.

An ATM exclusively dedicated to UPI-based cash withdrawals streamlines the machine’s hardware components, eliminating