On Thursday, NCR Corporation who is known as the maker of automated teller machines (ATM) has launched its first ICCW (interoperable cardless cash-withdrawal solution in collaboration with City Union Bank. However, the system is based on the Unified Payments Interface (UPI) platform. Currently, 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 informed the news agency PTI, “This a forward step from using UPI app on the mobile phone to any ATM but sans any cards.”
He even mentioned that this is a next-generation solution and very helpful for the consumers. Kamakodi also said, “We have partnered with NCR to deliver ICCW solution that will enable us to deliver this next-generation solution to our customers which will allow them card-less cash withdrawal using UPI QR code at our ATMs.”
Everything that you must know about this cardless cash-withdrawal facility-
Firstly, by making use of the facility, the consumer can withdraw cash by using their mobile with many application which is UPI enabled like GPay, Paytm and BHIM.
Secondly, consumers are not needed to swipe or carry their cards to ATMs, only they need to scan the QR code on the screen. After this, the consumer needs to authorize the cash withdrawal through their mobile phone.
Thirdly, to enhance the safety of the transactions, the QR code will be changed frequently. However, the transaction is based on a dynamic QR code, which the QR code can’t be copied as each transaction code changes.
Fourthly, the withdrawal limit is restricted to Rs. 5,000.
Fifthly, the consumer will be able to avail the dynamic QR code-based interoperable cardless cash withdrawal facility from any of the ATMs of any bank if it has been upgraded.