Bank of Baroda:-

Public sector bank Bank of Baroda has introduced a new facility called Interoperable Cardless Cash Withdrawal (ICCW), allowing customers to withdraw Money from ATMs without the need for a physical card. The ICCW service utilizes the United Payment Interface (UPI), enabling customers to initiate cash withdrawals through their mobile phones.

To use the ICCW facility, customers can select the "UPI Cash Withdrawal" option on the ATM screen and enter the desired withdrawal amount. A QR code will then be displayed on the screen. Using a UPI app enabled for ICCW, customers can scan the QR code and authorize the transaction with their UPI PIN on their mobile phones to complete the cash withdrawal at the ATM.

Bank of Baroda becomes the first public sector bank to offer this service, allowing its customers as well as customers of other participating banks to withdraw cash from Bank of Baroda ATMs without needing their debit cards. If a customer has multiple bank accounts linked to a single UPI ID, they have the flexibility to select the desired account for debiting.

Each account is eligible for up to two ICCW transactions per day, with a withdrawal limit of Rs 5,000 per transaction. Akhil Handa, Chief Digital Officer at Bank of Baroda, highlighted the convenience and security of this cardless cash withdrawal option, emphasizing that customers now have the freedom to withdraw money without relying on a physical card.

Bank of Baroda operates a vast network of over 11,000 ATMs across India, providing widespread accessibility to this new feature. The introduction of ICCW comes as UPI payments continue to witness significant growth, with a Worldline report indicating a record high of Rs 149.5 lakh crore in UPI and card transactions in 2022.

The report reveals that UPI transactions surpassed 74.05 billion in volume and Rs 126 lakh crore in terms of value, reflecting a substantial increase compared to the previous year. The analysis also highlights the prominent categories driving UPI transactions, including physical merchant categories like grocery stores, restaurants, clothing, pharmacy, hotels, and jewelry retail. In the online space, e-commerce, gaming, utility, and financial services played a significant role in transaction volumes.

With the introduction of ICCW, Bank of Baroda aims to enhance the convenience and flexibility of cash withdrawals for its customers, aligning with the growing trend of digital transactions and the popularity of UPI-based payments.

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