Back to feeds

Laxit Rana

 • 

Repute • 4m

Why Banks are preferring UPI for ATM cash withdrawal instead of traditional Cards No Physical Card Production: Issuing debit cards costs banks money (around Rs 150-200 per card for production, shipping, and activation). UPI eliminates this by working entirely through mobile apps, so there's no need for physical cards. No Card Maintenance: Over the lifetime of a debit card (typically 5-7 years), banks spend additional money on maintaining the card's infrastructure, such as replacing lost cards or supporting features like NFC. UPI transactions only require mobile apps, drastically reducing these operational costs. Cheaper ATM Infrastructure: With UPI-enabled ATMs, there's no need for expensive card readers and PIN pads. Instead, you just need a QR code scanner, which reduces the cost of building and maintaining ATMs.

6 replies12 likes
3
Replies (6)

More like this

Recommendations from Medial

Image Description
Image Description

Laxit Rana

 • 

Repute • 4m

[PART -1 ]UPI is set to phase out debit card, and we will be here witnessing it :- - UPI is to introduce a new feature "UPI Circle" that allows users to delegate payment authority to family members or friends. So it basically enables primary account

See More
2 replies9 likes
Image Description
Image Description

BigLoot IN

Stealth • 2m

Indian Banks Are Shutting Down ATM Machines Because of UPI and Digital Payments 4000 ATM Machines Closed in Last 1 Year Cash Circulation in India is Still At All Time Record High of Over ₹34.70 Lakh Crore India Has Only 15 ATMs For 1 Lakh People

5 replies4 likes
Image Description
Image Description

Dinakar

Stealth • 8m

A story on ATMs - Total number of ATMs India had at the end of fy23 was 1.31 lakhs. These are standalone ATMs that aren't inside a bank's branch. This figure is about 1.5% more than last year. This tiny growth isn't driven by banks, but instead by

See More
5 replies8 likes
1
Anonymous
Image Description
Image Description

Digital Business Card App Idea Card Connect Got multiple business cards and struggling to keep them organized? Here’s a simple, digital solution. 1. Scan & Save Cards Quickly scan physical business cards and save the contact info directly into

See More
5 replies10 likes
1

Surya

Stealth • 3m

💳 The Future of ATM Withdrawals: QR-Based and Cardless 💳 QR-based, cardless ATM withdrawals are shaking up the traditional cash experience! 📲 With just a scan, no physical card is required, making transactions faster, safer, and contact-free—perf

See More
0 replies2 likes
Anonymous

😱 Buy graphics cards before it's too late! Taiwanese media reports that in August the prices of graphics cards will soar due to a 50% reduction in their production. NVIDIA is preparing to release new cards for AI work, so it was decided to produce

See More
0 replies7 likes
Image Description
Image Description

Aditya Kumar Singh

Stealth • 2m

Hello medial community, what if we installed a permanent machine for voting. Suppose we have a voting machine like an ATM machine where we installed these machines in every police station and during the voting time people have access to vote in their

See More
11 replies8 likes
Image Description
Image Description

Udyamee

Stealth • 10m

Idea validation Not everyone has a credit card, and some may not have cards from various banks. A platform could be created where individuals exchange the benefits of their credit cards. For example, if Amazon offers a 10% discount on SBI cards, t

See More
13 replies10 likes
Anonymous
Image Description
Image Description

Ever wondered if your credit or debit card could do more than just payments? Hi, I’m Harshal, founder of CarbonCraft. My journey started with a simple thought: Why are our cards stuck in the past when everything else has leveled up in style and func

See More
3 replies
Image Description

Jayant Mundhra

 • 

Dexter Capital Advisors • 10m

Paytm shareholders are ignoring this? 📛📛 The fintech giant was the only UPI app to be making money on UPI. And now that’s no more possible. Here's all you should know! .. The thing is, NPCI (via Govt grants) compensates the banks to up keep the

See More
1 replies24 likes
1

Download the medial app to read full posts, comements and news.