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Payment solutions provider AGS Transact Technologies has initiated a pilot of cardless cash withdrawals based on quick response (QR) code on its white-label ATMs (WLAs).
AGS Transact, which operates WLAs under the ‘OnGo’ brand name, will launch QR-based cardless withdrawals on ATMs once the National Payments Corporation of India (NPCI) gives its approval, said Ravi B Goyal, Chairman and Managing Director.
UPI functionality
Goyal elaborated that once Unified Payments Interface (UPI) functionality is available on ATMs, a customer can transact using the QR code.
The ATM will display a menu option: ‘with card’ or ‘without card’ transaction. If ‘without card’ option is selected, the ATM screen displays the UPI menu and the amount to be withdrawn.
Explaining the workflow, he said: “If you go to an ATM to withdraw, say, ₹2,000 using UPI, the ATM will display a QR code which you can scan using any of your mobile-based UPI apps such as BHIM (Bharat Interface for Money), confirm the transaction, and the money will come out of the ATM.”
“Banks such as India Post Payments Bank have issued QR code-based cards to customers. These cards cannot be used in ATMs. So, for such customers, QR code-based withdrawals could be the best possible solution,” said Goyal.
UPI is a system that powers multiple bank accounts into a single mobile application (of any participating bank), merging several banking features, seamless fund routing and merchant payments into one hood, according to NPCI.
What is a QR code?
A QR code consists of black squares arranged in a square grid on a white background, which can be read by an imaging device such as a camera. QR contains information about the item to which it is attached.
Meanwhile, India Transact Services, an omni-channel merchant digital payment solutions company and a subsidiary of AGS Transact Technologies, has partnered with Vaishya Bank in Parbhani, Maharashtra, to offer a suite of integrated digital payment solutions to its merchant base of 3,500.
Sunil Khosla, Head Digital Business – Retail, India Transact Services, said: “This is our first step towards offering a complete suite of digital solutions, which includes Smart PoS and merchant-run loyalty programmes, along with other digital payment solutions directly to the bank’s 3,500-strong merchant base.”
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