Card-less cash withdrawals at ATMs may burden banks with additional costs

Of the tad over 250,000 ATMs in India, nearly 35,000, or 14.58 per cent, are recyclers

Banks now have an opportunity to monetise UPI transactions and hence, should look at marketing this feature more aggressively. There’s an entire generation of consumers who have probably transacted on UPI, but not used a debit card — they are a potential catchment,” says Anush Raghavan, President of CMS Info Systems — the country’s largest cash logistics firm, which feeds cash into automated teller machines (ATMs).

Unified Payments Interface (UPI) transactions — which are free — have crossed the five-billion mark.

Raghavan is making the point that the Reserve Bank of India’s (RBI’s) move to allow interoperable card-less withdrawals will