What it does
Replace the ATM screen with a QR code. In total, there is a QR code and the cash dispenser at the ATM outlet. Develop a cash withdrawal feature on the mobile banking app which allows a customer to scan the QR code and do all operations on his smartphone screen that he used to do on the ATM screen. All the accounts linked to the UPI can be accessed on the app screen. Scan the QR code and select the account from where the cash is to be withdrawn. Enter the PIN/fingerprint/password/face Unlock and authenticate the withdrawal. Cash is dispensed.
Accomplishments that we're proud of
Customer need not touch the machine, thereby preventing spread of virus. No pain of carrying multiple debit cards of multiple banks. Added security as customer can set his own security level on his smartphone. ATM frauds prevented. No pain of blocking the cards. All controls available on the mobile interface. Increase in Interbank commission to the bank that implements it first. First mover advantage. Reduction in cost to the bank for ATM screens as infrastructure cost reduces. Cost to the bank on manufacturing the cards reduced by almost 70%.
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