UPI cash withdrawal at ATM: Bank of Baroda introduces new system; check steps here

Public lender Bank of Baroda has launched Interoperable Cardless Cash Withdrawal (ICCW) facility for its customers, wherein they can withdraw money from ATMs using the United Payment Interface (UPI).  

Customers can select the option 'UPI Cash Withdrawal' on the ATM screen, and then enter the withdrawal amount. A QR code will appear on the screen.  

The lender further said the customer can scan the QR code using a UPI app enabled for ICCW and then authorise the transaction with her/his UPI PIN on the mobile phone to withdraw the cash from the ATM. 

“The first public sector bank to launch this service, Bank of Baroda customers as well as customers of other participating issuer banks that use BHIM UPI, bob World UPI or any other UPI application enabled for ICCW on their mobile phone can withdraw cash from a Bank of Baroda ATM without using their debit card," the lender said. 

If multiple bank accounts are linked to a single UPI ID, ICCW functionality gives customers the option to select the account to be debited. 

Customers can avail of two transactions a day per account with a withdrawal limit of Rs 5,000 per transaction.  

Akhil Handa, Chief Digital Officer at Bank of Baroda, said the new ICCW facility being offered by the bank gives customers the freedom to withdraw money without the use of a physical card – a simple, convenient and secure way to withdraw cash.” 

Bank of Baroda operates more than 11,000 ATMs across India. 

UPI payments saw a record high of Rs 149.5 lakh crore UPI, card transactions in 2022, as per a Worldline report. 

As per the report, UPI clocked over 74.05 billion transactions in volume and Rs 126 lakh crore in terms of value. Its transactions volume and value almost doubled since last year as it recorded 91 per cent increase in volume and over 76 per cent increase in value in Year 2022 as compared to Year 2021. 

In the report, it shows that frequently visited physical merchant categories like grocery stores, restaurants, clothing and apparel, pharmacy and medical, hotels, jewelry retail, specialty retail, household appliances and departmental stores together accounted for over 43 per cent in terms of volume while 40 per cent in terms of value. 

In the online space, e-commerce (shopping for goods and services), gaming, utility and financial services contributed to over 85 per cent transactions in terms of volume and 25 per cent in terms of value. 

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