SOON, YOU WILL NO LONGER NEED A CARD TO WITHDRAW MONEY FROM ATM

The Indian system has been undergoing a major overhaul since the demonetisation drive in 2016. Since the historic move, the pace at which transactions across the country has moved to a digital platform is extraordinary.

Majority of us are familiar with the concept of QR (Quick Response) Codes that we have used in digital wallets like Paytm, Tez and a few notable others.

Now, QR codes will soon be applicable at ATMs across India. According to a report in Zee Business, ATMs across the country will no longer be dependent only on cards to withdraw cash. Users can use a QR code generated by the bank to withdraw cash.

Users would be able to generate the QR code using the mobile application of the concerned bank by choosing the cash withdrawal option, and the required amount. Once the user enters these details, the app will generate a QR code which can be scanned by the ATM. And behold - you will have the cash in your hands.

The best part of this system would be that users will be able to choose the currency notes that they want to withdraw. They can choose from denominations of Rs. 100, 500 or Rs. 2,000 as well. Additionally , they can also avail demand drafts from ATM.