Cardless Cash Withdrawals At ATMs : RBI
The Reserve Bank of India (RBI) announced cardless cash withdrawals at ATMs across the country which will enable consumers to use Unified Payment Interface (UPI) on their smartphones to withdraw cash from Automatic Teller Machine (ATMs).
- It would help prevent frauds like card skimming and card cloning.
- Currently, only existing customers of a few banks are allowed to withdraw cash without cards, and from specific bank’s ATM networks.
- However, the RBI’s move to allow interoperability in cardless withdrawals will enable users to take cash from any and all ATMs.
- The move will invite more players into the payment ecosystem in India to innovate and solve further problems of customers.
