The First Ever UPI ATM Machine Is Out For Franchise

Withdrawing cash from a card can be tasking.? What if we tell you that you can now withdraw cash from an ATM via UPI? Yes, this system is now available for everyone! So that people can stop worrying about not having a card to withdraw and instead do the same from UPI. The times have changed and so is people’s habit of adapting to new tech. 

The flip side is that you can now open an ATM Machine franchise and secure a monthly return with little effort. Learn about how you can do so with the ATM Machine franchise. 

The bling of all new UPI ATM withdrawal

The UPI ATM tech was introduced by Hitachi. It allows the user to withdraw money from the ATM Machine without a debit card in hand. 

It works simply with a QR scan where you scan using your UPI apps QR scanners such as GPay, Phonepe, or Paytm, or you may need to enter a PIN correctly sent to your mobile number to make a successful transaction. 

This unique tech was released by the National Corporation of India in collaboration with Hitachi and was launched at the Fintech Fest in Mumbai which was conducted on the 5th of September.  

This tech had to come into play when the massive acceptance of UPI took place for easy transactions. Of course, there had to be an ATM Machine that uses UPI to make cash withdrawal easy as well and this is the exact ground it breaks. 

The intricate details about the UPI ATM tech 

Well, now we understand the main purpose of the tech and how it makes the process of cash withdrawal easy. Let’s understand its usability. 

The cash withdrawal limit for the UPI ATM is 10,000 Rs as of now but it will gradually increase over the period of consumption.. With the limit being set, you can withdraw denominations on the machine like 500, 1000, 2000, 5000, and 10,000 Rs. 

The process of withdrawal is made very simple. All you have to do is open the app and click on the Cashless withdrawal. Choose to withdraw through the UPI app as an option to withdraw money. You need to enter the amount and press to generate the code. Scan the QR code and finish the payment through the app. While this is done, wait until the ATM Machine dispenses the money. It reaches the end when you collect the money. 

The fascinating part about the machine is, that it is a white-label ATM, meaning an individual or any organization can use it. They can either set it up in a home or office or a designated space for its purpose. 

To bring it to your attention, it’ll soon be launched in Tier 1 cities. 

The Franchise of UPI ATM Machine 

This is an amazing opportunity to make returns effortlessly via an ATM that can be used by potential people in the city. If you are looking for a business opportunity and wondering where is the place to put your money into? This could meet your goal! 

To obtain the franchise here are the steps to follow: 

1. Firstly to avail of the franchise, you need to allocate UPI ATM Machine franchise near me and choose a location. 
2. Next is to pick the bank franchise offer on their official website or go to the Indicash website to look for the bank franchise offer.
3. Once you own the franchise, all you need is a space to set it up and ensure to maintain the cash in the machine. 
4. For every cash and non-cash transaction there’ll be a commission that you’ll earn for each transaction which will be credited at the end of each month. 

If you are ready to invest, here are the documents you may need:

1. An ID proof such as an Aadhaar or Voter or PAN card
2. For address proof, an electricity bill and ration card
3. Financial documents like balance sheet for net worth, profit and loss statement
4. GST registration and number 
5. Bank account details and passbook
6. Email ID, mobile number 
7. 4 passport-size photo 

You need to follow a few instructions to set up a UPI ATM Machine in the location.

1. To set up a machine, you need 50 to 80 sqft of commercial space.
2. So the ATM must be on the ground floor and be in a place with greater visibility. 
3. Within the 100 m span of the location where you set the UPI ATM, there should be no bank. 
4. For the safety of the ATM, it must have concrete roofs on it.
5. The electrical connection there must have a 1 KW power rating at least and it must offer 24 hours a day uninterrupted power.
6. The ATM must have made a minimum transportation of Rs 300 daily.

The Wrap

The UPI ATM Machine secures the way we withdraw cash without the need for a card that could otherwise get skimmed. This will not just offer cash to those in the city but also to those who reside in remote areas and can avail cash easily. 

You might wonder how is this different from a cashless withdrawal system. The cashless withdrawal system asks you to enter the PIN sent to your phone while the UPI ATM is more convenient as it allows you to scan the QR code just like how you would scan the QR in the merchant shop before a purchase. 

Though it is new, the speed with which our population is warming up to new tech shows that there is hope for this invention to make a difference in our lives. And this could be the right time to invest and make returns out of the low-investment franchise opportunity.