In a major development poised to make cash transactions more convenient, Reserve Bank of India Deputy Governor T Rabi Sankar announced a new feature that allows customers to deposit money into their own bank accounts or any other bank accounts using UPI at ATMs without using a debit card.
This UPI Interoperable Cash Deposit (ICD) feature, which has been created by the National Payments Corporation of India (NPCI) was announced by the central bank Deputy Governor at the Global Fintech Fest 2024 on August 29.
The UPI-ICD feature aims to make cash deposit through ATM process more convenient and easy to use. Let’s see how it works.
1. Locate an ATM: Firstly, customers should find an ATM with cash recycling machines that support UPI-ICD to conduct transactions.
2. Initiate Deposit: On the ATM screen, press on the Cash Deposit option and then press OK.
3. Enter Mobile Number or VPA: Enter the mobile number associated with UPI ID, or the VPA (Virtual Payment Address) or the account IFSC Code.
4. Deposit Cash: Place the money in the slot and the amount will be deposited in the selected bank account.
The most remarkable aspect of this new feature is that customers no longer need to carry their debit cards to deposit their money, thus making it easier and more convenient. Moreover, it reduces the usage of cards. This, in turn, acts as a security measure to reduce card-related frauds. The UPI-ICD feature fits into the already existing UPI Cardless Cash Withdraw system, thereby making it seamless for customers. This new technology will be launched in the next month.
The process utilizes UPI technology to enable cardless transactions, thus making the process of depositing money easy and secure. NPCI said that banks will roll out the UPI-ICD feature in a phased manner. This suggests that customers should be ready to use this facility in the coming months as more ATMs get installed with this technology.
Comments
0 comment