The Reserve Bank of India (RBI) has launched a new feature allowing customers to deposit cash at ATMs using the Unified Payments Interface (UPI), eliminating the need for physical debit cards.
Deputy Governor T. Rabi Sankar unveiled the UPI Interoperable Cash Deposit (UPI-ICD) service at the Global Fintech Fest 2024 in Mumbai. The feature enables users to deposit cash into their own or any other bank account via UPI at ATMs operated by banks and white-label ATM operators.
“Leveraging their mobile numbers linked to UPI, virtual payment addresses (VPA) and account IFSCs, customers can now do cash deposits, making the process more seamless, inclusive and accessible,” the National Payments Corporation of India (NPCI) said in a statement.
To use the service, customers need to select the cash deposit option at compatible ATMs, input their UPI-linked mobile number or virtual payment address, and insert cash into the machine’s deposit slot. The ATM will process the deposit and credit the specified account.
The UPI-ICD feature is currently available only at ATMs equipped with cash recycler technology that can handle both deposits and withdrawals. Banks will gradually roll out the service across their ATM networks.
This new offering builds on the cardless cash withdrawal via UPI capability introduced in 2023. It aims to enhance banking convenience by streamlining the cash deposit process and reducing reliance on physical cards.
Banks and ATM operators will need to upgrade their machines to support the UPI-ICD functionality. The NPCI stated that the feature would be implemented in phases by banks nationwide.
Deputy Governor T. Rabi Sankar unveiled the UPI Interoperable Cash Deposit (UPI-ICD) service at the Global Fintech Fest 2024 in Mumbai. The feature enables users to deposit cash into their own or any other bank account via UPI at ATMs operated by banks and white-label ATM operators.
“Leveraging their mobile numbers linked to UPI, virtual payment addresses (VPA) and account IFSCs, customers can now do cash deposits, making the process more seamless, inclusive and accessible,” the National Payments Corporation of India (NPCI) said in a statement.
To use the service, customers need to select the cash deposit option at compatible ATMs, input their UPI-linked mobile number or virtual payment address, and insert cash into the machine’s deposit slot. The ATM will process the deposit and credit the specified account.
The UPI-ICD feature is currently available only at ATMs equipped with cash recycler technology that can handle both deposits and withdrawals. Banks will gradually roll out the service across their ATM networks.
This new offering builds on the cardless cash withdrawal via UPI capability introduced in 2023. It aims to enhance banking convenience by streamlining the cash deposit process and reducing reliance on physical cards.
Banks and ATM operators will need to upgrade their machines to support the UPI-ICD functionality. The NPCI stated that the feature would be implemented in phases by banks nationwide.
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