New ATM-UPI Feature: Withdraw And Deposit Cash Without Using An ATM Card
(MENAFN- AsiaNet News) The Reserve bank of India (RBI) has introduced a new feature that allows users to deposit cash into their bank accounts using UPI at ATMs. This eliminates the need for physical debit cards and simplifies the cash deposit process. The service is currently available at ATMs equipped with cash recycler technology and is expected to be rolled out across all bank ATM networks gradually.
Customers no longer need an ATM card to withdraw money from ATMs. This new feature allows customers to deposit cash through CDM machines instead of ATMs. With banks launching these facilities, the National Payments Corporation of India (NPCI) has stated that consumers will be able to take advantage of this.
"By using UPI, Virtual Payment Addresses (VPA), and their mobile numbers linked to account IFSCs, customers can now make cash deposits, providing uninterrupted services without further complicating the process," the National Payments Corporation of India (NPCI) said in a statement. To use the service, customers have to select the cash deposit option at the enabled ATMs. They need to input their UPI-linked mobile number or virtual payment address. Or you have to scan from the UPI app you are using. After that the details will be displayed. Cash should be inserted into the machine deposit slot. ATM processes the deposit. Credits to the specified account.
This facility is available at bank ATMs and White Label ATM Operators (WLAOs). UPI based cash deposit facility offers many benefits to users. The UPI-ICD feature is currently only available at ATMs with cash recycler technology that can handle both deposits and withdrawals. Banks will gradually roll out the services across their ATM networks. This new offering builds on the cardless cash withdrawal via UPI capability introduced in 2023. Its primary goal is to enhance banking convenience by streamlining the cash deposit process and reducing reliance on physical cards.
There is already a facility to withdraw money from ATM through UPI without the need of ATM card. By following a simple process, you can withdraw money from ATM without any card with the help of UPI. UPI can be used more easily with the new facility. This facility is available at bank ATMs and White Label ATM Operators (WLAOs). UPI based cash deposit facility offers many benefits to users. People do not need to go to the bank to deposit money or stand in long queues at the cash deposit machine. Customers can easily go and deposit money anytime.
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