You can now deposit cash at ATM by just using UPI, no need of bank cards?
The UPI Interoperable Cash Deposit (UPI-ICD) was introduced on august 29 at the Global Fintech Fest 2024 by T Rabi Sankar, Deputy governor of the reserve bank of india (RBI), marking a significant milestone that is expected to facilitate cash transactions. With this new idea from the National Payments Corporation of india (NPCI), users won't need to utilize a debit card to deposit money into their own bank accounts or any other bank accounts at ATMs while utilizing UPI.
The UPI-ICD feature is aimed at making cash deposits through the ATM process more convenient and easy to use. Here’s how it works:
1. Locate an ATM: customers have to look for an ATM that has cash recycler machines that support UPI-ICD for them to be able to transact.
2. Initiate the Deposit: On the ATM screen, highlight the cash deposit option and press OK.
3. Enter mobile Number or VPA: Enter the mobile number associated with the UPI ID, VPA, or Account IFSC code.
4. Deposit Cash: Place the cash into the slot, and it will be debited to the selected bank account.
It is now quicker and more easy for customers to deposit cash without having to carry their debit cards, which will help cut down on the usage of physical cards. This feature is a security mechanism designed to lower the number of frauds involving cards. customers may seamlessly utilize the UPI-ICD capability, which is integrated into the current UPI cardless cash withdrawal system.
This procedure makes use of UPI technology to facilitate cardless transactions, which makes cash deposits simpler and more safe.
Banks will roll out the UPI-ICD functionality gradually, according to the NPCI. This suggests that when more ATMs are equipped with the necessary technology, users should be prepared to begin utilizing this service in the upcoming months.
The UPI-ICD feature is aimed at making cash deposits through the ATM process more convenient and easy to use. Here’s how it works:
1. Locate an ATM: customers have to look for an ATM that has cash recycler machines that support UPI-ICD for them to be able to transact.
2. Initiate the Deposit: On the ATM screen, highlight the cash deposit option and press OK.
3. Enter mobile Number or VPA: Enter the mobile number associated with the UPI ID, VPA, or Account IFSC code.
4. Deposit Cash: Place the cash into the slot, and it will be debited to the selected bank account.
It is now quicker and more easy for customers to deposit cash without having to carry their debit cards, which will help cut down on the usage of physical cards. This feature is a security mechanism designed to lower the number of frauds involving cards. customers may seamlessly utilize the UPI-ICD capability, which is integrated into the current UPI cardless cash withdrawal system.
This procedure makes use of UPI technology to facilitate cardless transactions, which makes cash deposits simpler and more safe.
Banks will roll out the UPI-ICD functionality gradually, according to the NPCI. This suggests that when more ATMs are equipped with the necessary technology, users should be prepared to begin utilizing this service in the upcoming months.