Slice Bank has launched the country’s first-ever UPI-enabled ATM, allowing users to withdraw or deposit cash simply by scanning a QR code—no debit or credit card required. This innovative service is poised to transform the way Indians access cash, blending the power of the Unified Payments Interface (UPI) with the convenience of traditional ATMs.
Unlike conventional ATMs that require a physical card and PIN, Slice Bank’s UPI ATM operates entirely on digital rails. Here’s how it works:
Initiate Transaction:
At the ATM, users select either “Withdraw Cash” or “Deposit Cash” on the touchscreen interface.
QR Code Generation:
The ATM displays a unique QR code for the transaction.
Scan with UPI App:
Users open any UPI-enabled app (such as Slice, PhonePe, Google Pay, Paytm, or BHIM) on their smartphone and scan the QR code.
Authenticate and Confirm:
Users enter the desired amount and authenticate the transaction with their UPI PIN.
Instant Cash Dispense or Deposit:
For withdrawals, the ATM dispenses cash immediately. For deposits, users insert cash, which is instantly credited to their linked bank account.
This process eliminates the need for physical cards, reducing the risk of card skimming, loss, or theft, and making cash access more secure and accessible.
Slice Bank’s UPI ATM launch comes at a time when India is witnessing explosive growth in digital payments, with UPI transactions surpassing 15 billion per month. However, cash remains an essential part of daily life, especially in rural and semi-urban areas. The UPI ATM bridges the gap between digital and physical banking, making cash access as easy and secure as a digital payment.
This innovation is expected to benefit millions who may not have a debit card or prefer cardless transactions, including students, gig workers, and the underbanked population.
Slice Bank plans to roll out UPI ATMs across major cities in the coming months, with a focus on high-traffic locations such as malls, railway stations, and educational campuses. The bank is also exploring partnerships with other financial institutions to expand the network and bring this service to even more users.
