Convenience of Cash Deposits via UPI
There’s some exciting news for UPI users in New Delhi! A new feature allows customers to deposit cash directly into ATMs using the UPI app, without needing a debit card. This facility has been rolled out by Axis Bank and Union Bank of India, and it’s expected to become available at more ATMs in the near future. With the Reserve Bank of India collaborating with the National Payments Corporation, this UPI-ICD service is set to enhance the way we manage our cash deposits.
How to Make a Cash Deposit
So, how does this new cash deposit process work? First, you’ll need to find an ATM in your area that has the cash deposit machine installed. Once you’re there, select the cash deposit option and hit the OK button on the screen. You can enter your mobile number linked to UPI, your virtual payment address, or the IFSC code of your bank account. Alternatively, you can scan the QR code displayed on the ATM. After that, just place your cash in the slot and indicate the number of notes for each denomination. You’ll see the deposited amount in your UPI app, allowing you to verify it before finalizing the transaction with your UPI PIN. A receipt will be printed once your cash deposit is successful!
Growing Trust in UPI Payments
People’s trust in UPI payments is clearly on the rise, with transactions skyrocketing by 58 percent in August compared to the same time last year. The Bharat Bill Payment System is also gaining traction, as more users opt for secure online payments for their utility bills. From April to August this year alone, transactions through UPI have surged by 35 percent, totaling an impressive Rs 101 lakh crore. Additionally, UPI services are expanding beyond India, with a Person to Merchant (P2M) facility now available in Nepal, which has already seen over a lakh transactions. The increasing use of Fastag and the National Common Mobility Card also highlights the growing preference for seamless payment options among consumers.
SHOTRS COVERAGE.
Convenience of Cash Deposits via UPI
A new facility allows customers to deposit cash into ATMs using UPI without needing a debit card. Currently available at Axis Bank and Union Bank ATMs, this service will expand to more operators. Launched by the RBI and NPCI, users can deposit cash by selecting the cash deposit option, entering linked mobile details, and authorizing transactions via the UPI app. UPI transactions surged by 58% in August, reflecting growing trust in digital payments, with over Rs 101 lakh crore transacted from April to August.
