Bank of Baroda introduces interoperable cardless cash withdrawal facility through UPI

Share via:

Bank of Baroda, a leading public sector bank in India, announced the launch of an innovative service called Interoperable Cardless Cash Withdrawal (ICCW) on Monday. This service allows customers to withdraw cash from the bank’s ATMs using the Unified Payments Interface (UPI).

Bank of Baroda becomes the first public sector bank to introduce this service, enabling not only its own customers but also customers of other participating issuer banks that utilize BHIM UPI, bob World UPI, or any other UPI application enabled for ICCW on their mobile phones to withdraw cash from Bank of Baroda ATMs without the need for a debit card.

To initiate a cardless cash withdrawal, customers need to select the ‘UPI Cash Withdrawal’ option at a Bank of Baroda ATM. Subsequently, they are required to enter the desired withdrawal amount, following which a unique QR code will be displayed on the ATM screen.

The process is straightforward. Customers need to use a UPI-enabled app that supports ICCW to scan the QR code displayed on the ATM screen. After scanning, they must authorize the transaction using their UPI PIN on their mobile phones to complete the cash withdrawal from the ATM.

In cases where multiple bank accounts are linked to a single UPI ID, the ICCW functionality provides customers with the flexibility to select the specific account from which the withdrawal should be debited.

Akhil Handa, Chief Digital Officer at Bank of Baroda, expressed that the introduction of the ICCW facility empowers customers by offering them the convenience of withdrawing money without relying on a physical card. It is a secure, hassle-free, and simple method for cash withdrawals.

Customers can enjoy the benefit of two transactions per day, per account, with a withdrawal limit of Rs 5,000 per transaction. Bank of Baroda boasts a vast network of over 11,000 ATMs across the country, ensuring accessibility for its customers.

The launch of the ICCW service by Bank of Baroda highlights the bank’s commitment to embracing digital innovation and enhancing the banking experience for its customers. It aligns with the growing popularity and convenience of UPI transactions in India, providing customers with another convenient avenue for accessing their funds.

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

Popular

More Like this

Bank of Baroda introduces interoperable cardless cash withdrawal facility through UPI

Bank of Baroda, a leading public sector bank in India, announced the launch of an innovative service called Interoperable Cardless Cash Withdrawal (ICCW) on Monday. This service allows customers to withdraw cash from the bank’s ATMs using the Unified Payments Interface (UPI).

Bank of Baroda becomes the first public sector bank to introduce this service, enabling not only its own customers but also customers of other participating issuer banks that utilize BHIM UPI, bob World UPI, or any other UPI application enabled for ICCW on their mobile phones to withdraw cash from Bank of Baroda ATMs without the need for a debit card.

To initiate a cardless cash withdrawal, customers need to select the ‘UPI Cash Withdrawal’ option at a Bank of Baroda ATM. Subsequently, they are required to enter the desired withdrawal amount, following which a unique QR code will be displayed on the ATM screen.

The process is straightforward. Customers need to use a UPI-enabled app that supports ICCW to scan the QR code displayed on the ATM screen. After scanning, they must authorize the transaction using their UPI PIN on their mobile phones to complete the cash withdrawal from the ATM.

In cases where multiple bank accounts are linked to a single UPI ID, the ICCW functionality provides customers with the flexibility to select the specific account from which the withdrawal should be debited.

Akhil Handa, Chief Digital Officer at Bank of Baroda, expressed that the introduction of the ICCW facility empowers customers by offering them the convenience of withdrawing money without relying on a physical card. It is a secure, hassle-free, and simple method for cash withdrawals.

Customers can enjoy the benefit of two transactions per day, per account, with a withdrawal limit of Rs 5,000 per transaction. Bank of Baroda boasts a vast network of over 11,000 ATMs across the country, ensuring accessibility for its customers.

The launch of the ICCW service by Bank of Baroda highlights the bank’s commitment to embracing digital innovation and enhancing the banking experience for its customers. It aligns with the growing popularity and convenience of UPI transactions in India, providing customers with another convenient avenue for accessing their funds.

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

Website Upgradation is going on for any glitch kindly connect at office@startupnews.fyi

More like this

Tata Communications: Tata Communications’ overseas revenues continue to outgrow...

Tata Group’s telecom, cloud and media arm Tata...

Why a16z, Lightspeed bet on this Singapore parent-tech startup

K-ID aims to streamline game onboarding for parents...

$520B state-owned Italian bank trials digital bonds on Polygon

The trial was part of an initiative set...

Popular

Upcoming Events

Startup Information that matters. Get in your inbox Daily!