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UPI ATMs -Sustainability and Digitalisation Ecosystem

Conference Paper · September 2023

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Ramees Rahman M
Sacred Heart College, Cochin
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 UPI ATMs – Sustainability and Digitalisation Ecosystem
Jenet B Moses1, Aleena Ignatious1, Ramees Rahman M2
1. UG Student, Dept. of Economics, Sacred Heart College, Thevara
2. Guest Lecturer, Dept. of Economics, Sacred Heart College, Thevara

Abstract

Digital India, a flagship programme launched by the government, with a vision to transform

the country into a digitally empowered society and knowledge economy, has contoured the

daily life of the citizens in a better way. Rapid digitalisation of the country had created an

important role for fintech to play. Among the various advantages of the same, the “Faceless,

Paperless, Cashless” economy, in short the digital transactions, is one of professed role. The

National Payment Corporation of India (NPCI) has always given more importance to

technological improvement in the field of Unified Payment Interface (UPI) platforms.

Digitalisation is helping many companies to be more environmentally friendly, as sustainability

moves to the centre of the digital payments ecosystem. In the Global Fintech Fest conducted

by NPCI at Mumbai in 2023, they have introduced multiple innovative initiatives, products and

strategic collaborations, such as UPI ATMs, UPI Lite X, Hello UPI, BillPay Connect, Tap &

Pay and Credit Line on UPI. In the backdrop of these innovative initiatives, we tried to analyse

consumer perspective of the UPI ATM system, which was introduced by Hitachi Payment

Services. In the UPI ATM system, cash withdrawals are streamlined through QR code scans

on any UPI platform. By this initiative one person can withdraw cash from different bank

accounts using the same UPI platforms. The study reveals that majority of the people are

unaware of this Fintech innovation, but at the same time they are ready to accept this

advancement of making cash withdrawal easier. A comprehensive analysis of the benefits and

drawbacks associated with UPI-enabled ATMs is carried out in the study, which can be utilised

for initiating actions to make the innovation ruling.

Keywords: Digital India, Digital Transaction, Fintech, Innovations, UPI ATM, QR code.
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