A new cash deposit facility will soon be available, eliminating the need for a debit card or account number when depositing money in cash deposit machines at ATM centers.
RBI Deputy Governor T Ravi Shankar announced this new service, called UPI Interoperable Cash Deposit (UPI-ICD), at the Global FinTech Fest on Thursday. The National Payments Corporation of India (NPCI) issued a statement confirming this development.
With UPI-ICD, cash can be deposited at ATM centers operated by banks and white-label operators without a debit card. The service is designed with robust security measures to ensure the safety of your transactions.
This new service empowers users to deposit money into their own or others’ bank accounts using UPI, a virtual payment address, or an IFSC code linked to a mobile number, giving them more control over their transactions.
As confirmed by NPCI, banks will gradually roll out this new facility, similar to the existing cardless cash withdrawal service. This ensures a smooth transition and allows users to adapt to the new service at their own pace.
Here’s how it works:
- Visit an ATM center offering cash deposit and select the UPI cash deposit option.
- Your QR code will be activated.
- Scan the QR code using the UPI app on your smartphone.
- The cash amount will be displayed on your mobile after it has been counted.
- Choose your desired bank, enter the UPI PIN, and complete the transaction.
Alternatively, you can use a virtual address or IFSC code instead of scanning with a mobile.
(Note: The deposit process is subject to change as it becomes available.)