“Currently, cardless cash withdrawal through ATMs is available only from certain banks.” “It is now recommended that all banks and ATMs make available cardless cash withdrawal across the network. is iRBI Governor Shaktikanta Das said. Apart from making transactions easier, the lack of a physical card for such transactions would also prevent frauds such as card skimming and cloning, he added.
Das said this does not mean that banks will stop issuing debit cards that can be used for offline or overseas purchases. “This change will be well received by young people, who use their phones to make all digital payments using UPI instead of debit cards.” They can now withdraw money through UPI also.
Because it is contactless, it will improve the feature, and customers can expect a vastly different transaction experience in the future. With individuals increasingly opting for contactless payments, ATM cardless withdrawals will give a significant boost to contactless payments,” said Mandar Agashe, founder, Sarvatra Technologies, a UPI technology promoter for co-operative banks.