Soon it will be possible to deposit cash at ATMs using UPI app through cash deposit machines. With the introduction of this facility, the need to use debit card while going to deposit cash will be eliminated.Reserve Bank of India Deputy Governor T Rabi Shankar on Thursday, August 29, 2024, unveiled the new UPI Interoperable Cash Deposit (UPI-ICD) feature at the Global Fintech Fest (GFF) 2024.
This is how UPI apps will work for depositing cash
NPCI has issued an official statement in this regard. According to this statement, “The introduction of UPI ICD allows customers to deposit cash in their own bank account or any other bank account at ATMs operated by banks and White Label ATM Operators (WLAO) using UPI without the need for a physical card.” As banks gradually introduce these facilities, consumers will be able to take advantage of them.
“These ATMs are cash recycler machines used for both cash deposit and withdrawal. Customers can now deposit cash by leveraging their mobile number linked with UPI, Virtual Payment Address (VPA) and account IFSC, making the process more seamless, inclusive and accessible,” the statement said.
How to use UPI to deposit cash
According to the ICICI Direct blog, here are the steps to use UPI to deposit cash:
Step 1: Find a cash deposit machine that supports UPI transactions and choose the option “UPI Cash Deposit” instead of the debit card option.
Step 2: Scan the QR code displayed on the cash deposit machine with the UPI app.
Step 3: You need to enter the number of bills for each denomination (e.g. ₹100, ₹500) and the cash deposit machine may provide a confirmation slip.
Step 4: The UPI app will show the deposit amount. Verify that it matches the cash amount you are depositing.
Step 5: Select the bank account you want to deposit cash into from the list of your UPI-linked accounts and authorize the transaction with the UPI PIN.
