Withdraw cash without a card; Bank of India plans
In order to make digital transactions more convenient, banks have a strong knack for preventing leakage through ATMs. Accordingly, customers will soon be able to withdraw cash without a debit card from Bank of India ATMs.
MUMBAI: Banks have a big knack for making digital transactions more convenient, and Bank of India has offered its customers an innovative facility to prevent the destruction of ATMs. Accordingly, customers will soon be able to withdraw cash without a debit card from Bank of India ATMs. In particular, it does not require OTP (One Time Password) but only with the help of UPI (Unified Payment Interface) and QR Code, customers can be prevented from ATMs. Bank of India is the first bank in the country to provide such facilities.
The facility has been developed by AGS Transact Technology, which researches new systems for digital payments. The facility was announced on the occasion of Bank of India’s 7th Foundation Day. The facility will be launched in all ATMs of Bank of India within the next three to six months, said Bank President G.K. Powered by Blogger. This will require minor modifications to existing ATMs. This system will not prevent cyber crimes like card skimming. However, in order to use this feature, the customer’s bank account needs to be connected to the UPI as well as the smartphone has the UPI app.
What is the exact procedure?
Customers will have to click on the QR Cash option on the screen of the respective ATM to withdraw the cash from the ATM-based on UPI and QR code. After that, you will need to enter the desired amount and press the OK button. This code can be scanned with the help of Bhima or other UPI app on your smartphone after getting the instructions to scan the QR code. After this, the transaction will be completed by dropping the UPI PIN and then the customer will get the desired cash from ATM
How much is the transaction?
There is a certain daily limit on these types of transactions, through which one can draw a maximum of two thousand at a time and a maximum of four thousand rupees a day. Also, a maximum of two transactions can be done during the day, the bank said.
UPI transactions increase sixfold
During the last financial year, transactions under UPI have increased by almost six times. During this financial year, there were 1.5 crore transactions through UPI. This resulted in a turnover of Rs. In the previous financial year, there were 49 crore transactions through UPI and their turnover was Rs.1,०9,8००