look news india
New feature of UPI: A new facility has been started for customers using UPI. Under this, now they can deposit cash in ATM using UPI. There will be no need of debit card for this. Currently, Axis Bank and Union Bank of India have started this facility for their customers. Soon this service will gradually become 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 now?
Currently, customers have two options to deposit cash in their 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 an 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 the OK button. 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.
- Next, place the money in the slot and enter the number of notes of 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 get a receipt once 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 percent more than the same period last year. At the same time, 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 continuously increasing.
RBI data shows that there has been a 35 percent increase in transactions through UPI between April and August in the current year, after which transactions worth Rs 101 lakh crore have been done through UPI. During this time, 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.