Published on: April 13, 2022

CARDLESS ATM WITHDRAWALS

CARDLESS ATM WITHDRAWALS

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RBI has announced cardless cash withdrawals at ATMs across the country.

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HOW WILL THIS SYSTEM WORK

  • Cardless cash withdrawals are to be authenticated via UPI
  • ATMs are expected to show an option for withdrawing cash using UPI
  • Once a user selects this option, they can input the amount to be withdrawn and a QR code will be generated on the ATM screen
  • Users will then need to scan that code via their UPI app, and enter the password to withdraw cash from the ATM

BENEFITS

  • Enhance security of cash withdrawal transactions
  • Prevent frauds like card skimming and card cloning
  • Enable users to take cash from any and all ATMs

LIMITATIONS AND CHALLENGES

  • Currently, ICICI Bank, Kotak Mahindra Bank, HDFC Bank and SBI allow cardless cash withdrawals.The cardless feature at these banks work with each specific bank’s app.
  • Feature is cumbersome as it has certain withdrawal limits, and the transaction is charged
  • In cardless withdrawal, the security vulnerability of a card is minimised, but the risk will soon transfer to a mobile-enabled feature