UPI ATM! Another achivement in Fintech by India

[Bureau]

You all will agree that the quantum of new tech emerging in our country (especially in Fintech) in the last decade has been unimaginable. Recently a new fintech UPI ATM has been launched. You can use any UPI payment processor like Paytm, phonepe or gpay to withdraw cash from a UPI ATM by only scanning the bar code dispayed on the ATM machine.

Banks were already providing similar service known as cardless cash withdrawal. The problem was that it can only done on that particular bank's ATM using the banking app. With UPI ATM you are able to withdraw cash from any banks saving account and you don't  need to use that particular bank's ATM.

Click here to read the article.
Click here to check the video.

[1714651486]

1714651486

[elevates]

Agreed with your point that India is in the process of becoming a leader in Fintech. The faster a country improves in financial infrastructure the faster it will grow. What were are seeing is not only an eye opener for progressed global economy, it is also a lesson for them to not underestimate Indian financial infrastructure. I do have a feeling.like UPI the CBDC project would be a successful project after all India has abundance of brain that understands and foresee the technology of the future. I can also bet that all of this innovation happened because India realized that they cannot escape Bitcoin.

The vide link that you shared is from zeenews with all those shity was of promotion. I found a reddit video which is all about how to withdraw cash from a UPI ATM. You can check the video here.

[avikz]

Yes just saw a video on how to operate UPI ATM. This is amazing and indeed India is going to become the leader in Fintech in next couple of years. UPI itself is a revolutionary initiative. Now almost 6 countries are in process of implementing this UPI infrastructure in their country including Japan which was considered the most technologically advanced nation once upon a time.

Cardless cash withdrawal was there but it needed to have the ATM of the same bank. UPI ATM will not have such requirements.

[Bitcoin Smith]

You all will agree that the quantum of new tech emerging in our country (especially in Fintech) in the last decade has been unimaginable. Recently a new fintech UPI ATM has been launched. You can use any UPI payment processor like Paytm, phonepe or gpay to withdraw cash from a UPI ATM by only scanning the bar code dispayed on the ATM machine.

Seems very good, and I think we may no longer debit cards either that is mostly used to withdraw cash from ATM not at any POS as far as I observed. Surely, India is taking the cashless economy to the next level.

I still remember vloggers from many countries stunned by UPI on every shop even at the road side vendors because they always thought India is nothing but slum, but they failed to realize India is growing rapidly in various sectors while the developed countries are struggling to maintain especially post COVID-19.

I just have one question, this feature will be implemented in all the existing ATMs or only ATMs called UPI ATM?

[pakhitheboss]

I am amazed to see how India has been progressing in the Fintech sector. After this launch, I do not think we will require debit cards in the future. This innovation of UPI-based ATMs might become the most secure way of withdrawing cash. The only issue would be to make our older generation learn how to use such ATMs. Already they are struggling to use UPI for day-to-day transactions. Still, I would say it is a huge achievement and such innovation would help India to become a global economic giant in the future.

[teosanru]

You all will agree that the quantum of new tech emerging in our country (especially in Fintech) in the last decade has been unimaginable. Recently a new fintech UPI ATM has been launched. You can use any UPI payment processor like Paytm, phonepe or gpay to withdraw cash from a UPI ATM by only scanning the bar code dispayed on the ATM machine.

Banks were already providing similar service known as cardless cash withdrawal. The problem was that it can only done on that particular bank's ATM using the banking app. With UPI ATM you are able to withdraw cash from any banks saving account and you don't  need to use that particular bank's ATM.

Click here to read the article.
Click here to check the video.

Yes I saw the video as well probably was from the Jio world drive event in Mumbai where all the fintechs startups have been displaying their products for last 3 days. It's really a great Innovation and a big relief from the unnecessary charges that the bank levy when you go to withdraw from other bank ATMs. I even saw tap to pay configuration using UPI there. So you can get you tap and pay small device created which you can keep alongside your phone, whenever someone has to pay you through tap and pay they just tap that very small device, enter amount and done. No need to even scan QR codes anymore.

[pawanjain]

You all will agree that the quantum of new tech emerging in our country (especially in Fintech) in the last decade has been unimaginable. Recently a new fintech UPI ATM has been launched. You can use any UPI payment processor like Paytm, phonepe or gpay to withdraw cash from a UPI ATM by only scanning the bar code dispayed on the ATM machine.

Banks were already providing similar service known as cardless cash withdrawal. The problem was that it can only done on that particular bank's ATM using the banking app. With UPI ATM you are able to withdraw cash from any banks saving account and you don't  need to use that particular bank's ATM.

Click here to read the article.
Click here to check the video.

Not only that but banks were also charging for cardless withdrawal from the customers.
I had paid 25rs for a cardless withdrawal the first time I used it and it was the last time.
I didn't know of the charges but it is very ridiculous. I have to pay the bank to withdraw my own money from my account, stupid as fuck.

It's good that we have this UPI ATM. I watched it's video few days back.
The main advantage is that we can scan the QR and withdraw cash from any of our bank accounts without the use of debit card.
RIP debit cards.

[Bureau]

Not only that but banks were also charging for cardless withdrawal from the customers.
I had paid 25rs for a cardless withdrawal the first time I used it and it was the last time.
I didn't know of the charges but it is very ridiculous. I have to pay the bank to withdraw my own money from my account, stupid as fuck.

It's good that we have this UPI ATM. I watched it's video few days back.
The main advantage is that we can scan the QR and withdraw cash from any of our bank accounts without the use of debit card.
RIP debit cards.

Banks charge you for everything and anything, almost every other charge is only to make money from the customer. I stopped using most of their services when UPI came into existence. Prior to UPI if you withdraw cash from a different bank ATM after you finish your quota they would charge INR 25. Those charges would come as bulk posting and would reduce your bank account balance in one go. Globally all banks use such hidden charges or normal charges to exploit their customer.   

I admire Bitcoin because it does not have any hidden charges. It was one of the main reasons why I wanted a part of it. At the moment UPI is our lifeline and in the future, if the government implements a charge for doing it, then we will be again back to where we were in the past.

[Bitcoin Smith]

I admire Bitcoin because it does not have any hidden charges. It was one of the main reasons why I wanted a part of it. At the moment UPI is our lifeline and in the future, if the government implements a charge for doing it, then we will be again back to where we were in the past.

Now there are some new regulations are coming up, related to limiting number of UPI TXs per day which is 20 transactions but the number differs from one to another banks.

But I have an interesting detail for you, banks like HDFC, AXIS charges you flat fee of Rs2.5 for every UPI TXs after reaching certain number of UPI Transactions per quarter and the limit is between 100 and 200 not quite sure the exact figure, but its hidden charges levied by private banks on UPI TXs too and dropping this in case if you are now aware of it.

[pawanjain]

Not only that but banks were also charging for cardless withdrawal from the customers.
I had paid 25rs for a cardless withdrawal the first time I used it and it was the last time.
I didn't know of the charges but it is very ridiculous. I have to pay the bank to withdraw my own money from my account, stupid as fuck.

It's good that we have this UPI ATM. I watched it's video few days back.
The main advantage is that we can scan the QR and withdraw cash from any of our bank accounts without the use of debit card.
RIP debit cards.

Banks charge you for everything and anything, almost every other charge is only to make money from the customer. I stopped using most of their services when UPI came into existence. Prior to UPI if you withdraw cash from a different bank ATM after you finish your quota they would charge INR 25. Those charges would come as bulk posting and would reduce your bank account balance in one go. Globally all banks use such hidden charges or normal charges to exploit their customer.   

I admire Bitcoin because it does not have any hidden charges. It was one of the main reasons why I wanted a part of it. At the moment UPI is our lifeline and in the future, if the government implements a charge for doing it, then we will be again back to where we were in the past.

If UPI transactions are charged then many people will stop using it if the charges are high.
People won't notice the impact of the charges if the amount is small until the charges accumulate to become a big amount.

Now there are some new regulations are coming up, related to limiting number of UPI TXs per day which is 20 transactions but the number differs from one to another banks.

But I have an interesting detail for you, banks like HDFC, AXIS charges you flat fee of Rs2.5 for every UPI TXs after reaching certain number of UPI Transactions per quarter and the limit is between 100 and 200 not quite sure the exact figure, but its hidden charges levied by private banks on UPI TXs too and dropping this in case if you are now aware of it.

I don't think Axis bank are charging any UPI transactions. I am using Axis and haven't seen any UPI charges.

[Bitcoin Smith]

I don't think Axis bank are charging any UPI transactions. I am using Axis and haven't seen any UPI charges.

If your account is salary account, there will not be any fees but for savings account there is, and they bury it under Folio Charge, so mostly we won't see it until we notice it. I can't find the folio charge in most of the banks but I found on KVB fee structure also confirmed with my bank manager.

The total number of debit transactions permitted in all such accounts put together will be limited to 90 per half-year. When number of transactions is more than the maximum stipulated, a service charge of Rs. 2.25/- (inclusive of GST) will be levied for each transaction in excess of 90 transactions.

Account Related Charges | Service Charges and Fees | KVB

So every UPI payment will be considered as debit and different bank has different limits which varies, that is why it is important to mix up bank accounts while using savings accounts for all our UPI TXs.

[pawanjain]

I don't think Axis bank are charging any UPI transactions. I am using Axis and haven't seen any UPI charges.

If your account is salary account, there will not be any fees but for savings account there is, and they bury it under Folio Charge, so mostly we won't see it until we notice it. I can't find the folio charge in most of the banks but I found on KVB fee structure also confirmed with my bank manager.

The total number of debit transactions permitted in all such accounts put together will be limited to 90 per half-year. When number of transactions is more than the maximum stipulated, a service charge of Rs. 2.25/- (inclusive of GST) will be levied for each transaction in excess of 90 transactions.

Account Related Charges | Service Charges and Fees | KVB

So every UPI payment will be considered as debit and different bank has different limits which varies, that is why it is important to mix up bank accounts while using savings accounts for all our UPI TXs.

Good to know that. I guess many people won't be aware of such charges on their debit transactions.
Banks have been looting us since a long time. It's good that people are becoming wiser these days and keeping a track of their personal finance.
Everyone should pay more attention to such miscellaneous charges. We never know how much it can accumulate over time.

Once there were few demat charges in my account which shouldn't have been there.
So I had a fight over phone with the banking staff after which they credited the demat charges back to my account.

[pakhitheboss]

I don't think Axis bank are charging any UPI transactions. I am using Axis and haven't seen any UPI charges.

If your account is salary account, there will not be any fees but for savings account there is, and they bury it under Folio Charge, so mostly we won't see it until we notice it. I can't find the folio charge in most of the banks but I found on KVB fee structure also confirmed with my bank manager.

The total number of debit transactions permitted in all such accounts put together will be limited to 90 per half-year. When number of transactions is more than the maximum stipulated, a service charge of Rs. 2.25/- (inclusive of GST) will be levied for each transaction in excess of 90 transactions.

Account Related Charges | Service Charges and Fees | KVB

So every UPI payment will be considered as debit and different bank has different limits which varies, that is why it is important to mix up bank accounts while using savings accounts for all our UPI TXs.

Isn't KVB a government undertaking bank? I wasn't able to find any information regarding it. Considering KVB applying those charges which are hidden. Imagine what hidden charges are charged by banks like ICICI, Kotak and other private sector bank. I once had a saving account with HSBC they were notorious in charging customer. For everything you do on your savings account they would have some changes or the other after a certain limit. I cancelled my account and moved to SBI, till date they have not charged me anything stupid. After your revelation about hidden transaction charge I would be contacting the Branch manager about it.

[Bitcoin Smith]

Isn't KVB a government undertaking bank? I wasn't able to find any information regarding it. Considering KVB applying those charges which are hidden. Imagine what hidden charges are charged by banks like ICICI, Kotak and other private sector bank. I once had a saving account with HSBC they were notorious in charging customer. For everything you do on your savings account they would have some changes or the other after a certain limit. I cancelled my account and moved to SBI, till date they have not charged me anything stupid. After your revelation about hidden transaction charge I would be contacting the Branch manager about it.

KVB isn't a nationalized bank as far as I know, but it's a private bank with 100+ years successful track record.

Every bank has charges even SBI too, but private sector literally charges for everything and RBI allows it this is unacceptable when government want all our transaction to happen via digital mode.

Talking about SBI, I had bitter experience using their account and approaching the branch, so it's been years since I touched my SBI account so it forces us to use these private sector banks such as ICICI, Axis, HDFC, and others for better user experience.

Good to know that. I guess many people won't be aware of such charges on their debit transactions.
Banks have been looting us since a long time. It's good that people are becoming wiser these days and keeping a track of their personal finance.
Everyone should pay more attention to such miscellaneous charges. We never know how much it can accumulate over time.

Once there were few demat charges in my account which shouldn't have been there.
So I had a fight over phone with the banking staff after which they credited the demat charges back to my account.

Even most of the bank employees are not aware of these misc fees, to confirm the fee I have been transferred to multiple people when contacting their support.

Always keep tracking your monthly bank statements.

[cafter]

innovative and easy to use machine... , I saw the video he taught about using the machine in just 1 minute.
it think it works basically in this way: atm machine is acting as a another upi user who have to receive payment from me and give cash, i scan the qr code from the machine then send money by typing the amount(it may already written by the qr code) and upi code.
then i get cash.

[teosanru]

I don't think Axis bank are charging any UPI transactions. I am using Axis and haven't seen any UPI charges.

If your account is salary account, there will not be any fees but for savings account there is, and they bury it under Folio Charge, so mostly we won't see it until we notice it. I can't find the folio charge in most of the banks but I found on KVB fee structure also confirmed with my bank manager.

The total number of debit transactions permitted in all such accounts put together will be limited to 90 per half-year. When number of transactions is more than the maximum stipulated, a service charge of Rs. 2.25/- (inclusive of GST) will be levied for each transaction in excess of 90 transactions.

Account Related Charges | Service Charges and Fees | KVB

So every UPI payment will be considered as debit and different bank has different limits which varies, that is why it is important to mix up bank accounts while using savings accounts for all our UPI TXs.

This is very wierd I really didn't know about this change and that it has already been implemented. The amount per tx is so small that they'll go unnoticed unless you check your statement. Also 90 transactions in half an year are pretty less to be honest.

I don't think Axis bank are charging any UPI transactions. I am using Axis and haven't seen any UPI charges.

If your account is salary account, there will not be any fees but for savings account there is, and they bury it under Folio Charge, so mostly we won't see it until we notice it. I can't find the folio charge in most of the banks but I found on KVB fee structure also confirmed with my bank manager.

The total number of debit transactions permitted in all such accounts put together will be limited to 90 per half-year. When number of transactions is more than the maximum stipulated, a service charge of Rs. 2.25/- (inclusive of GST) will be levied for each transaction in excess of 90 transactions.

Account Related Charges | Service Charges and Fees | KVB

So every UPI payment will be considered as debit and different bank has different limits which varies, that is why it is important to mix up bank accounts while using savings accounts for all our UPI TXs.

Isn't KVB a government undertaking bank? I wasn't able to find any information regarding it. Considering KVB applying those charges which are hidden. Imagine what hidden charges are charged by banks like ICICI, Kotak and other private sector bank. I once had a saving account with HSBC they were notorious in charging customer. For everything you do on your savings account they would have some changes or the other after a certain limit. I cancelled my account and moved to SBI, till date they have not charged me anything stupid. After your revelation about hidden transaction charge I would be contacting the Branch manager about it.

No KVB is a private sector bank big local reach in Tamil Nadu but it's not that capitalised as IDFC or other private sector ones. So the charges are pretty normal.

[pawanjain]

This is very wierd I really didn't know about this change and that it has already been implemented. The amount per tx is so small that they'll go unnoticed unless you check your statement. Also 90 transactions in half an year are pretty less to be honest.

The transaction limit is definitely very less. It should have been at least 300 tx per quarter.
I make at least 3-4 transactions per day with UPI. So 90 tx would be completed within a month.
At least 300 tx would have been sufficient for UPI. Yet 2.25 Rs per UPI tx is more from my perspective.
They should have started it with 1 Rs per tx.

[elevates]

The transaction limit is definitely very less. It should have been at least 300 tx per quarter.
I make at least 3-4 transactions per day with UPI. So 90 tx would be completed within a month.
At least 300 tx would have been sufficient for UPI. Yet 2.25 Rs per UPI tx is more from my perspective.
They should have started it with 1 Rs per tx.

What can you expect from the banks they are legally allowed to use our money without our consent. They are thieves in the sense that they steal our money without our consent and make huge profits. I recently came across a video that talked about fractional reserve banking, wherein a bank takes your money and then rotates that money through lending others. The ultimate goal is to make a profit through that lending after it reaches a fixed profit quota defined by it. In the meantime, you as a customer of the bank think your money is secured with them. Banks make much more through such charges which are never visible to customers like us.

[pawanjain]

The transaction limit is definitely very less. It should have been at least 300 tx per quarter.
I make at least 3-4 transactions per day with UPI. So 90 tx would be completed within a month.
At least 300 tx would have been sufficient for UPI. Yet 2.25 Rs per UPI tx is more from my perspective.
They should have started it with 1 Rs per tx.

What can you expect from the banks they are legally allowed to use our money without our consent. They are thieves in the sense that they steal our money without our consent and make huge profits. I recently came across a video that talked about fractional reserve banking, wherein a bank takes your money and then rotates that money through lending others. The ultimate goal is to make a profit through that lending after it reaches a fixed profit quota defined by it. In the meantime, you as a customer of the bank think your money is secured with them. Banks make much more through such charges which are never visible to customers like us.

Lending to other is the actual business of banks without which the banks cannot survive.
Banks usually charge around 20% - 30% for credit defaults. They also charge interest on the interests itself.
So the cumulative charge goes around 40% - 50% for credit defaults. There are different types of loans which gets the banks nice amount of profits.
They use the money we deposited in the banks and take profits while giving us peanuts. This is how they run their business.

[elevates]

Lending to other is the actual business of banks without which the banks cannot survive.
Banks usually charge around 20% - 30% for credit defaults. They also charge interest on the interests itself.
So the cumulative charge goes around 40% - 50% for credit defaults. There are different types of loans which gets the banks nice amount of profits.
They use the money we deposited in the banks and take profits while giving us peanuts. This is how they run their business.

If banks could follow what they preach to every customer then they would have never survived. When you go to a branch you will find a lot of marketing displays that promote only one thing for the customer. Which is asking their own customer to save money in a savings account, invest money in FD, use recurring deposits, and a lot more. If they follow their own principle they won't be making such huge returns on our money. This is quite normal for us now. They have been scamming us on our own money but we cannot say that it is a scam as we get penny returns from them in the disguise of good returns.