The Reserve Financial institution of India (RBI) has launched a brand new function permitting prospects to deposit money at ATMs utilizing the Unified Funds Interface (UPI), eliminating the necessity for bodily debit playing cards.
Deputy Governor T. Rabi Sankar unveiled the UPI Interoperable Money Deposit (UPI-ICD) service on the International Fintech Fest 2024 in Mumbai. The function allows customers to deposit money into their very own or every other checking account through UPI at ATMs operated by banks and white-label ATM operators.
“Leveraging their cellular numbers linked to UPI, digital fee addresses (VPA) and account IFSCs, prospects can now do money deposits, making the method extra seamless, inclusive and accessible,” the Nationwide Funds Company of India (NPCI) mentioned in a press release.
To make use of the service, prospects want to pick the money deposit choice at suitable ATMs, enter their UPI-linked cellular quantity or digital fee handle, and insert money into the machine’s deposit slot. The ATM will course of the deposit and credit score the desired account.
The UPI-ICD function is at present obtainable solely at ATMs geared up with money recycler expertise that may deal with each deposits and withdrawals. Banks will step by step roll out the service throughout their ATM networks.
This new providing builds on the cardless money withdrawal through UPI functionality launched in 2023. It goals to reinforce banking comfort by streamlining the money deposit course of and lowering reliance on bodily playing cards.
Banks and ATM operators might want to improve their machines to assist the UPI-ICD performance. The NPCI said that the function could be applied in phases by banks nationwide.
Deputy Governor T. Rabi Sankar unveiled the UPI Interoperable Money Deposit (UPI-ICD) service on the International Fintech Fest 2024 in Mumbai. The function allows customers to deposit money into their very own or every other checking account through UPI at ATMs operated by banks and white-label ATM operators.
“Leveraging their cellular numbers linked to UPI, digital fee addresses (VPA) and account IFSCs, prospects can now do money deposits, making the method extra seamless, inclusive and accessible,” the Nationwide Funds Company of India (NPCI) mentioned in a press release.
To make use of the service, prospects want to pick the money deposit choice at suitable ATMs, enter their UPI-linked cellular quantity or digital fee handle, and insert money into the machine’s deposit slot. The ATM will course of the deposit and credit score the desired account.
The UPI-ICD function is at present obtainable solely at ATMs geared up with money recycler expertise that may deal with each deposits and withdrawals. Banks will step by step roll out the service throughout their ATM networks.
This new providing builds on the cardless money withdrawal through UPI functionality launched in 2023. It goals to reinforce banking comfort by streamlining the money deposit course of and lowering reliance on bodily playing cards.
Banks and ATM operators might want to improve their machines to assist the UPI-ICD performance. The NPCI said that the function could be applied in phases by banks nationwide.
