Last week, Bank of India introduced a new card-less cash withdrawal feature to its ATMs that allow customers to withdraw cash using UPI QR code. The new feature could eliminate the rising concerns of card-related frauds at ATMs, wherein customers are faced with risks of criminals gaining access to their bank accounts using cloning devices and hidden cameras.
In association with AGS Transact Technologies Ltd, an online payment systems provider, Bank of India now allows its account holders to withdraw cash at its ATM machines using unified payments interface (UPI) platform.
Customers can withdraw a maximum of Rs 2,000 using QR code in a single transaction. There is no need for card or PIN.
How to use it?
At present, this feature is available only to Bank of India customers, who need to download the bank's UPI app and visit a BOI ATM. This QR code-based feature is currently only available in select locations in Mumbai, Delhi and Chennai. It is scheduled to roll out nationwide over the next 6 months.
At the ATM, the customer simply needs to scan the QR code on the machine using the UPI app to make the cash withdrawal.
May soon be inter-operable
Bank of India has reportedly approached the NPCI (National Payments Corporation of India) to make the solution universal as QR codes are inter-operable. The NPCI is going to consider it and if allowed, customers of any bank and any UPI app will be able to make cash withdrawals using QR code.