In a remarkable comeback, Global Fintech Fest (GFF) 2023 was organised from September 5-7 at Jio Work Centre in Mumbai. This year’s event commenced with an inauguration ceremony graced by India’s Minister of Finance. The event showcased innovative collaborations within the fintech industry, focused on a theme of ‘Global Collaboration for a Responsible Financial Ecosystem: Inclusive, Resilient and Sustainable.’
Interestingly, this event also unveiled India’s first UPI ATM on September 5, in Mumbai. Following this, in a tweet, Anand Mahindra was seen applauding India’s leap towards financial digitisation and consumer-centric approach.
This UPI ATM was apparently unveiled at the Global Fintech Fest 2023 in Mumbai on September 5. The speed at which India is digitising financial services & making them consumer-centric as opposed to corporate-centric (Alarm bell for credit card companies?) is simply dazzling.… pic.twitter.com/krBXhbc9Qh
— anand mahindra (@anandmahindra) September 7, 2023
This card-less machine has been introduced by Hitachi Payment Services as a White Label ATM (WLA) in association with National Payments Corporation of India (NPCI). White-label ATMs are those that are owned and operated by non-bank entities.
Wondering how this UPI ATM works? Well, it’s very simple. Once the ATM that supports UPI-ATM functionality are available in the market, customers will be able to withdraw cash without any debit or credit card. Of course, one thing you now need to carry is your mobile, to complete the cash withdrawal process.
