How to Deposit Cash at ATMs Using Unified Payments Interface (UPI) Apps
- September 03, 2024
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How to Deposit Cash at ATMs Using Unified Payments Interface (UPI) Apps
Now, in order to deposit cash at an ATM, you do not require a physical card or PIN. This is because the Reserve Bank of India (RBI) recently unveiled a new feature at the Global Fintech Fest 2024 for cash deposits. This new feature allows the bank customers to deposit cash using Unified Payments Interface (UPI) apps through cash deposit machines. If you want to find out how to deposit cash at ATM using UPI, go through this article where we explain all the steps involved in depositing cash at ATM with the help of UPI.
How does the UPI method for cash deposit work?
The UPI Interoperable Cash Deposit (ICD) enables bank customers to deposit funds at ATMs managed by banks and white label ATM operators using UPI to their own bank accounts or any other bank account without the requirement of a physical card, according to the National Payments Corporation of India (NPCI). The UPI cash deposit feature will soon be accessible to customers as the banks are expected to introduce it gradually.
An NCPI statement said, “These ATMs are cash recycler machines which are used for both cash deposits and withdrawals. Leveraging their mobile numbers linked to UPI, virtual payment addresses (VPA) and account IFSCs, customers can now do cash deposits, making the process more seamless, inclusive and accessible.”
Steps to Use the UPI at ATM for Cash Deposit
To know how to deposit cash at ATM using UPI, you can check out the ‘expected’ steps mentioned below:
Step 1: Visit a cash deposit machine that supports UPI transactions.
Step 2: Now, select the option for “UPI Cash Deposit” available on the machine’s screen.
Step 3: Now, scan the QR code visible on the CDM screen using the UPI App of your choice.
Step 4: Now, enter the number of currency notes for each denomination, such as Rs. 100, Rs. 500, Rs 2000, etc.
Step 5: Now, the cash deposit amount will be visible on your UPI app. Verify the amount being deposited through the app to make sure it’s correct.
Step 6: Thereafter, you must select the receiving bank account from the list of your UPI-linked account and authorize the transaction by entering the UPI PIN.
Step 7: Once the cash deposit has taken place successfully, you will receive a confirmation message or slip from CDM.
By following the instructions mentioned above, you can deposit cash at an ATM using UPI.
What are the Advantages of UPI ICD?
The UPI ICD has certain advantages. Some of them are mentioned below:
- You will no longer have to carry your physical card everywhere and save your time.
- Many times, people lose their debit cards and can’t deposit cash without them. However, now, people will be able to use UPI in this case.
- The new feature will reduce reliance on physical cash handling and lead to optimized cash management for banks.
Also Read: How to Check CIBIL Score in Phonepe, Paytm and GPay?
Conclusion
The new UPI ICD feature will allow bank customers to deposit cash at ATMs without the requirement of a debit card or PIN. They can easily deposit cash in their bank accounts or other bank accounts using the UPI app. By following the steps mentioned in this blog post, you can easily learn how to deposit cash at an ATM using UPI.
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