MUMBAI: In a move to promote card-less cash withdrawals, state-run Bank of India Thursday added a UPI QR-based cash withdrawal feature to its ATMs.
With this, BoI account holders can withdraw cash from ATMs by scanning the QR code at the machine as this solution enables the use of the unified payments interface (UPI) platform.
"We believe providing access to cash using a QR code will provide a requisite push to the adaption of QR form factor."
"Once it becomes interoperable the usage will increase multifold. This also provides the next level of security for ATM transactions as there is no requirement of the card and the PIN," chairman G Padmanabhan told reporters.
A customer can withdraw a maximum of Rs 2,000 using QR code in one transaction.
The bank has also approached NPCI to make this solution interoperable so that customers of other banks are also benefitted, he said, adding the NPCI has evaluated the solution and is actively considering making it interoperable.
The technology is being provided by AGS Transact Technologies, which is into end-to-end cash and digital payment solutions and automation technology.
To begin with, the bank is offering the QR code-based feature in Mumbai, Delhi and Chennai, and plans a national rollout over the next six months.