New UPI Feature Launched: Deposit Cash At Atm Machines With UPI–No Debit Card Needed|Personal Finance News

New Delhi: Customers can currently transfer cash money at Atm machines utilizing any kind of UPI application, getting rid of the requirement for debit or physical cards. This brand-new UPI Interoperable Cash Deposit (UPI-ICD) attribute was presented by T. Rabi Shankar, the Deputy Governor of the Reserve Bank of India, throughout the Global Fintech Fest (GFF) 2024 in Mumbai on August 29.

The UPI-ICD attribute permits customers to transfer cash money at Atm machines without requiring a card, utilizing just UPI solutions. Currently, this alternative is offered just at Atm machines that can manage both down payments and withdrawals, called cash-recycler makers. It’s additionally worth keeping in mind that cardless cash money withdrawals through UPI were initially presented in 2023.

UPI-ICD makes use of a client’s mobile number connected to UPI together with online settlement addresses (VPA) and account IFSC codes to assist in cash money down payments. This permits customers to transfer cash money right into their very own accounts or any kind of various other checking account, according to a news release from the National Payments Corporation of India (NPCI), which handles UPI.

“The introduction of UPI ICD allows customers to deposit cash at ATMs operated by banks and white label ATM operators (WLAOs) using UPI to their own bank account or any other bank account without the need for a physical card. These ATMs are cash recycler machines which are used for both cash deposits and withdrawals. 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,” according to a news release from NPCI. .
.(* )’s just how to make use of UPI for transferring cash money:

Here-

a CDM: Find a Locate (CDM) that sustains UPI purchases and choose the Cash Deposit Machine alternative.”UPI Cash Deposit”-

QR Scan: Code your UPI application to check the QR code presented on the CDM. .
. Use -(* ):

the variety of expenses for each and every religion (e.g., Enter Bill Details 100, Input 500). Rs CDM may provide you a verification slip. .
. Rs -(* ):The the down payment quantity revealed on your UPI application to guarantee it matches the cash money you’re transferring. .
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-Verify Amount and(* ):(* )the checking account you wish to transfer right into from your UPI-linked accounts and authorize the purchase with your UPI PIN.//Check