On Thursday, i.e. 1st April, NCR Corporation, known as the creator of automated teller machines (ATM), has introduced its first ICCW (interoperable cardless cash-withdrawal solution in collaboration with City Union Bank. But, this system is based on the Unified Payments Interface (UPI) platform. Presently, the bank has upgraded around 1,500 ATMs with a facility that will be QR code-based.
Navroze Dastur, managing director for India and regional vice-president for South East Asia at NCR Corporation, has told the news agency PTI, “This a step ahead from using UPI app on the mobile phone to an ATM but sans any cards.”
He even stated that this is a next-generation solution and very convenient for the consumers. Kamakodi also said, “We have partnered with NCR to present ICCW solution that will allow us to deliver this next-generation solution to our customers which will enable them card-less cash withdrawal using UPI QR code at our ATMs.”
Everything that you need to understand about this cardless cash-withdrawal facility-
Firstly, by utilizing the facility, the consumer can withdraw cash by utilizing their mobile with many UPI applications like GPay, Paytm, and BHIM.
Secondly, customers are not required to swipe or carry their cards to ATMs; only they have to scan the QR code on the screen. After this, the user needs to approve the cash withdrawal through their mobile phone.
Thirdly, to improve the safety of the transactions, the QR code will be changed often. However, the transaction is based on a dynamic QR code, which QR code can’t be replicated as each transaction code changes.
Fourthly, the withdrawal limit is confined to Rs. 5,000.
Fifthly, the customer will be able to avail of the dynamic QR code-based interoperable cardless cash withdrawal facility from any of the bank’s ATMs if it has been upgraded.
Read More:
Business Talk is a digital business magazine that caters to CEOs, Entrepreneurs, VC, and Corporates. While working with entrepreneurs and business executives, we focus not only on their achievements. Our mission is to shed light on business entities, including their innovations, technological benchmarks, USPs, and milestones/accolades.
The private wealth management platform Neo Group has made a daring and ambitious move by…
On the heels of Operation Sindoor's incredible success, the BJP will start an 11-day nationwide…
Following President Trump’s announcement of the U.S.-China trade agreement on Monday, U.S. stocks surged, closing…
On Monday, May 12, President Donald Trump announced that China has “agreed to open up”…
Elon Musk has been invited to attend a high-profile Saudi-U.S. investment forum in Riyadh on…
Fusion Finance, a Warburg Pincus-backed microfinance company, has successfully raised ₹800 crore through a rights…