MC Explains: How to withdraw cash from any ATM using your mobile phone
Traditionally, debit cards are used to withdraw cash from bank ATMs. Now, thanks to innovation, you don’t need your card to withdraw cash from an ATM. Recently, Bank of Baroda and State Bank of India (SBI) started providing the option of interoperable cardless cash withdrawal at their ATMs.
On April 8, 2022, the Reserve Bank of India (RBI) announced it was allowing interoperable cardless cash withdrawals across all bank ATMs in the country. These transactions are processed using the Unified Payments Interface (UPI) facility.
Says Akhil Handa, Chief Digital Officer at Bank of Baroda, “The interoperable cardless cash withdrawal facility being offered by the bank gives customers the freedom to withdraw money without the use of a physical card — it is a simple, convenient, and secure way to withdraw cash."
Read on to learn how to withdraw cash using UPI from any bank’s ATM and to understand the key benefits of this facility.