A new facility has been started for customers using UPI. Axis Bank and Union Bank of India have started this facility for their customers. Soon this service will gradually be available in all ATMs.
A new facility has been started for customers using UPI. Under this, they can now deposit cash in ATMs using UPI. A debit card will not be required for this. Currently, Axis Bank and Union Bank of India have started this facility for their customers. Soon this service will gradually be available in all ATMs.
RBI has launched UPI-ICD service in collaboration with National Payment Corporation. In this, cash can be deposited in cash deposit machine using UPI app. According to NPCI, this facility will be available with other ATM operators besides banks.
What are the options right now
Currently, customers have two options to deposit cash in bank accounts – visiting the bank branch or depositing cash through ATM using their debit card.
How to deposit cash in ATM
First of all, locate the ATM in your area where the cash deposit machine is installed and the facility is available.
Select the cash deposit option on the screen and press OK. Then enter the mobile number linked to UPI, Virtual Payment Address or IFSC code of the account.
This work can also be done by scanning the QR code given on the screen.
Then place the money in the slot and enter the number of notes for each denomination.
The amount deposited will be visible in the UPI app. Verify the amount being deposited through the app.
Authorize the transaction with UPI PIN. You will receive a receipt after the cash is deposited.
People’s trust in UPI payment increased
The use of UPI is increasing rapidly in the country. In August, transactions through UPI were 58% higher than the same period last year. On the other hand, people are adopting Bharat Bill Payment System (BBPS) for safe payment of gas, electricity, DTH and other bills. This shows that people’s trust in online transactions is constantly increasing.
RBI data shows that transactions through UPI have increased by 35 percent between April and August in the current year, after which transactions worth Rs 101 lakh crore have been done through UPI. During this period, NCPI has also expanded the UPI service. UPI Person to Merchant (P2M) facility was also started in Nepal from March 2024. Since then, more than one lakh transactions have been done through UPI in Nepal. Along with this, the use of Fastag and National Common Mobility Card has also increased rapidly with the facility of auto payment and wallet payment.
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