Powered by AGS Transact Technologies, in a first-ever, the customers can now withdraw cash from ATMs by just scanning a QR code on the machine’s screen
Mumbai: On the occasion of 114th Foundation Day, Bank of India (BOI) became the first bank in the country to introduce UPI QR based cash withdrawal feature on its ATMs, a technology which is powered by AGS Transact Technologies (AGSTTL),] one of India’s leading providers of end-to-end cash and digital payment solutions & automation technology. [Bank of India account holders can now withdraw cash from ATMs by scanning a QR code on the machine’s screen as this solution enables use of the Unified Payments Interface (UPI) platform for cash withdrawal.
This ‘Digital India’ service by AGSTTL makes withdrawal of cash faster & more secure and avoids the chances of card skimming or ATM pin compromise. With the availability of this easy cashless withdrawal method, AGSTTL has designed this customer-friendly solution to provide seamless transaction flow, without any break in the transaction process (no OTP required) even in case of multiple cardless withdrawals.
Bank of India will roll out this service across all its ATMs pan India over the period of 3-6 months. The bank has also approached NPCI to make this solution interoperable so that customer of every bank is benefitted by using this withdrawal. NPCI has evaluated the solution and is actively considering making it interoperable to benefit other Bank account holders.
Mr. G. Padmanabhan, Chairman, Bank of India, said, “We are pleased to launch QR based Cash withdrawal facility on our ATMs which is powered by AGS Transact Technologies. This is aligned to our Bank’s long term vision to promote digital QR based transactions. We believe providing access to cash using QR will provide requisite push to adaption of QR form factor. Once it becomes interoperable the usage will increase multifold. This solution also provides the next level of security for ATM transactions as there is no requirement of Card and PIN.”
Mr. Atanu Kumar Das, Executive Director, Bank of India, said, In technology terms, QR Code is a biometric ID of a VPA which does not require the knowledge of language to use. We expect that the solution will lead to enablement of an Eco friendly Cardless transaction set going forward apart from solving the language barrier.
Mr. Ravi B. Goyal, CMD, AGS Transact Technologies Limited, said, “Bank of India has taken the lead and all other banks are excited about this novel customer-centric solution. There are several benefits for banks as well. For banks planning to deploy this on their ATM networks, there is no major investment required as it is possible to offer the service by making a small upgrade to the existing software in the ATMs. The greater agenda is Digitising India as consumers will use mobile banking more frequently.”
Mr. Sheoji Meena, General Manager & CIO, Bank of India, added, “In partnership with our technology partners, AGS Transact Technologies, we have designed the QR Cash solution to suit all the requirements of interoperability between banks. The solution gives a seamless transaction experience to the customer with the enhanced security. Account holders will have ease of transacting as they need not mandatorily carry a card for cash withdrawal. Transaction time for customers will be shortened significantly; and the method is more secure with no chance of card skimming or ATM pin compromise. Withdrawal is done using existing transaction-pin/mPin. No separate app or new pin /OTP will be required.”
Mr. Sudhiranjan Padhi, GM-ADC, Bank of India, said, “Together with AGS Transact Technologies we have developed and designed the UPI QR Cash solution for Bank of India. As UPI transactions cross 900 million in August 2019, we believe that the use of QR based cash solutions will see more acceptance nationwide. Further, this will increase the mobile banking penetration which is at this point of time at a nascent stage in the country.”
Both UPI and ATM networks run on the same financial switch and UPI has been proven to be a secure transaction platform. The UPI cash service does not require users to sign on to any new service or download any new app. All that is needed for an account holder is a subscription to a mobile application that is already UPI-enabled to get such a payment. The customer needs to scan the QR code as if he were making a UPI payment. However, instead of paying for goods or services, the money in his account is transferred to the ATM-deploying bank, which releases the cash from the machine.
What makes it easier for banks to use UPI for ATM withdrawals is that UPI 2.0 includes classification of recipients against merchant codes, just like in credit card payments. ATMs are also listed as a merchant category, which will enable ATM-deploying banks to recover the interchange fee from banks that are users of the network. Currently, the UPI platform is seeing large volumes in peer-to-peer payments and is also picking up in merchant transactions.
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