CURRENT AFFAIRS

Detailed explanation-1: -Mastercard, Empays Payment join hands for contact-free ATM cash withdrawals. The move will enable more secured transactions, and the interoperability will provide customers with seamless experience. Mastercard and Empays Payment Systems India have partnered to launch ‘Cardless ATM powered by Mastercard®’ in India.

Detailed explanation-2: -Mumbai: ICICI Bank today announced the launch of a ‘Cardless Cash Withdrawal’ facility from its ATMs. This service enables customers to withdraw cash from over 15, 000 ATMs of the bank by simply raising a request on ‘iMobile’, its mobile banking application.

Detailed explanation-3: -In April 2022, the Reserve Bank of India (RBI) announced cardless cash withdrawals at ATMs bringing the country under a Unified Payment Interface (UPI). This move has allowed cardless cash withdrawal from smartphones giving users the freedom to pay and transact without having to deal with cash at all.

Detailed explanation-4: -Cardless ATMs-or contactless ATMs-allow you to access your account and withdraw money without a physical card. To use the cardless option at the ATM, you’ll typically need your financial institution’s app or your card information stored in your digital wallet.

Detailed explanation-5: -An ATM card is one that you insert into an automated teller machine in order to perform certain transactions. ATM stands for Automated Teller Machine that enables you to withdraw money, check balance or perform other kinds of money transactions without the need of any bank representative.