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Another new facility will be available in the case of cash deposit. Till now debit card or account number is mandatory to deposit money in cash deposit machines in ATM centers.
The facility of depositing cash into the account with the help of UPI will soon come without such need anymore. The service, called UPI Interoperable Cash Deposit (UPI-ICD), was unveiled by RBI Deputy Governor T Ravi Shankar at the Global FinTech Fest on Thursday. The National Payments Corporation (NPCI) has issued a statement to this effect.
According to NPCI, with the help of UPI-ICD, cash can be deposited at ATM centers operated by banks and white label operators without the need for a debit card. You can deposit this money either in your own bank account or in the bank account of others. You can deposit money by entering any one of UPI, virtual payment address, IFSC code linked with mobile number. Experts say that this new facility is similar to the existing cardless cash withdrawal facility. NPCI said that banks will make these services available in a phased manner.
How does it work?
- Go to an ATM center where cash deposit is available and select the UPI cash deposit option.
- Then your QR code will be live. Scan the QR code through the UPI app on your smartphone.
- Then the cash will be counted and the amount will be displayed on your mobile.
- Then you can select your desired bank, enter the UPI PIN and complete the transaction.
- Instead of scanning with mobile, you can enter virtual address or IFSC code.
Note: The deposit process is only an estimate! It may change as it becomes available.
