In a groundbreaking move, the National Payments Corporation of India (NPCI) has unveiled a new UPI (Unified Payments Interface) feature ‘UPI Interoperable Cash Deposit’ that enables users to deposit cash at ATMs without a debit card.
The UPI Interoperable Cash Deposit (UPI-ICD) facility, was introduced at the Global Fintech Fest (GFF) 2024 on August 29, 2024, by Reserve Bank of India’s Deputy Governor T Rabi Sankar. In a press release, the NPCI said, “The introduction of UPI-ICD allows customers to deposit cash at ATMs operated by banks and white label ATM operators (WLAOs) using UPI to their bank account or any other bank account without the need for a physical card. These ATMs are cash recycler machines used for 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.”
What is UPI-ICD and How Does It Work?
UPI-ICD (Unified Payments Interface Interoperable Cash Deposit) is a service that enables users to deposit cash at ATMs without using a physical card. Users can use the mobile number linked to their UPI app, bank account IFSC, and virtual payment address. The UPI-ICD facility can be used to carry cashless deposits to any other bank account or their bank account. Moreover, with this feature, users can deposit as well as withdraw cash without a debit card.
How to Deposit Cash Using UPI-ICD Facility at Your Nearest ATM?
Here are the provisional steps for cardless cash deposits at ATMs using UPI-ICD service:
Step 1:
Visit the nearest ATM that has a cash deposit facility and supports UPI transactions.
Step 2:
Select ‘UPI Cash Deposit’ on the screen.
Step 3:
A QR code will appear. Scan this QR code using your smartphone.
Step 4:
The Cash Deposit Machine (CDM) will detect the deposit amount, which will be displayed by the UPI app. Verify the amount you want to deposit.
Step 5:
Select the bank account from your UPI-linked accounts for depositing cash. Use your UPI PIN to authorise the transaction.
After you complete the transaction, you may receive a confirmation slip from the CDM.
How Soon Can You Use UPI-ICD for Cardless Cash Deposits?
As per NPCI, the UPI-ICD will be gradually rolled out by all the banks at their select ATMs with Cash Deposit Machine (CDM).