Page 40 - BANKING FINANCE APRIL 2024

ARTICLE

T he Reserve Bank of India's intention to enable customers. This method of cash withdrawal naturally
cardless cash withdrawals at ATMs is poised to
resonates with the digitally adept newer generation that
readily explores innovative initiatives. Their enthusiastic
further elevate the prominence of contactless
payments. This initiative, which initially gained
popularizing UPI-based QR code cash withdrawals on a larger
traction during the pandemic, is anticipated to witness adoption and acceptance will serve as a pivotal factor in
heightened usage and adoption, particularly among the scale. This advancement holds the promise of enhancing
younger demographic and in rural regions. This new financial inclusion by providing easier access to banking
approach offers customers an additional channel to access services for a broader population. The shift towards QR code-
cash. In this evolved method, cash withdrawal still occurs based transactions signifies a belief in their pivotal role in
at ATM machines; the shift lies in using UPI-based QR codes the future of banking and the payments industry. QR codes
instead of physical debit cards. offer inherent simplicity and security, paving the way for
effortless and safe cashless transactions, positioning them
This innovation is set to simplify banking processes, providing as a cornerstone of the evolving financial landscape.
a more streamlined and convenient experience for
The rise of touchless and contactless payment methods
surged significantly during the pandemic. Introducing a
About the author cardless cash withdrawal system addresses the safety and
security concerns associated with physical debit cards. As
Gijo Verghese people strive to minimize contact with surfaces, this
Senior Manager (Faculty) innovation alleviates worries by eliminating the need to
Union Bank of India touch anything during transactions, effectively addressing
these safety concerns.

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