Bank of Baroda has recently launched an innovative facility called Interoperable Cardless Cash Withdrawal (ICCW) for its customers. This facility allows customers to withdraw money from ATMs without the need for a physical debit card. By leveraging the United Payment Interface (UPI), Bank of Baroda aims to provide a convenient and secure method for cash withdrawals.
To avail of this service, customers can follow these simple steps:
- Select ‘UPI Cash Withdrawal’ on the ATM screen.
- Enter the desired withdrawal amount.
- A unique QR code will appear on the screen.
Using a UPI-enabled mobile app compatible with ICCW, customers can scan the QR code. After scanning, they need to authorize the transaction using their UPI Personal Identification Number (PIN) on their mobile phone. This process ensures a secure withdrawal of cash from the ATM.
Bank of Baroda takes pride in being the first public sector bank to introduce this service. Not only Bank of Baroda customers but also customers of other participating issuer banks using BHIM UPI, bob World UPI, or any other UPI application enabled for ICCW on their mobile phones can benefit from this service. This means that even if you don’t have your debit card with you, you can still withdraw cash from Bank of Baroda ATMs.
Some key highlights of the ICCW facility are as follows:
- Customers with multiple bank accounts linked to a single UPI ID can choose the specific account to be debited.
- Each account allows two transactions per day, with a withdrawal limit of Rs 5,000 per transaction.
Akhil Handa, Chief Digital Officer at Bank of Baroda, expressed that this new ICCW facility provides customers with the freedom to withdraw money without relying on a physical card. It offers a simple, convenient, and secure method for cash withdrawals.
Bank of Baroda, with its extensive network of over 11,000 ATMs across India, continues to expand its services to cater to the evolving needs of its customers.
According to a recent report by Worldline, UPI payments and card transactions reached a record high of Rs 149.5 lakh crore in 2022. UPI alone accounted for over 74.05 billion transactions and Rs 126 lakh crore in terms of value. These figures indicate a significant growth compared to the previous year, with a 91% increase in volume and over 76% increase in value.
The report also highlights the most frequently visited physical merchant categories, such as grocery stores, restaurants, clothing and apparel, pharmacies, hotels, jewelry retail, specialty retail, household appliances, and departmental stores. Together, these categories accounted for over 43% of transaction volume and 40% of transaction value.
In the online space, e-commerce, gaming, utility services, and financial services contributed to over 85% of transaction volume and 25% of transaction value.
Bank of Baroda’s introduction of the ICCW facility aligns with the growing popularity and convenience of UPI-based transactions in India. It offers customers a secure and efficient way to access cash without the need for a physical debit card.
By continuously innovating and expanding its digital services, Bank of Baroda strives to enhance the banking experience for its customers and contribute to the digital transformation of the Indian banking industry.