The UPI ICD feature allows customers to deposit cash at ATMs without needing a physical card.
Users can deposit cash into their own bank accounts or any other bank account by using their mobile numbers linked to UPI, virtual payment addresses (VPA), and account IFSCs.
Consumers will be able to access this feature as the banks gradually roll it out.
Imagine being able to deposit cash at an ATM without having to fumble with your debit card. It sounds like a dream, right? Well, thanks to the new UPI ICD (UPI Interoperable Cash Deposit) feature, this is now a reality. This innovative technology simplifies the process of depositing cash, making banking more convenient and accessible than ever before. In this article, we’ll dive into how this feature works.
The Reserve Bank of India (RBI) Deputy Governor Shri T. Rabi Sankar on Thursday announced the launch of product offerings aimed at transforming the ATM infrastructure in the country. Unveiled in association with National Payments Corporation of India (NPCI) at the Global Fintech Fest (GFF) 2024, the initiatives include UPI ICD.
Also read: UPI One World Wallet now available for international travellers: What is it and how to use
What is UPI ICD and how it works?
The UPI ICD feature allows customers to deposit cash at ATMs without needing a physical card. Users can deposit cash into their own bank accounts or any other bank account by using their mobile numbers linked to UPI, virtual payment addresses (VPA), and account IFSCs. The ATMs equipped with UPI ICD are cash recycler machines, enabling both deposits and withdrawals, which streamlines the process and enhances accessibility. Consumers will be able to access this feature as the banks gradually roll it out.
Also read: UPI users on the rise in India, but so are online payment frauds: Warns RBI
In my opinion, the UPI ICD feature is a game-changer for banking convenience. By eliminating the need for a physical card, it streamlines the cash deposit process, making it quicker and more user-friendly. This integration of UPI with ATM operations not only enhances accessibility but also reduces the friction often associated with traditional deposit methods. As banks roll out this feature, it’s likely to transform the way we handle cash transactions, providing a modern solution to an age-old banking task. It’s exciting to see how this innovation will simplify and improve our banking experiences.
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Ayushi Jain
Tech news writer by day, BGMI player by night. Combining my passion for tech and gaming to bring you the latest in both worlds. View Full Profile
