The surge in digital transactions can be directly attributed to the widespread adoption of UPI services, which gained prominence, especially during the period of demonetization. As a testament to their growing popularity, the Reserve Bank of India has been actively fostering the expansion of UPI services, enhancing the convenience and efficiency of digital payments.

Recently, at the Global Finec Fest 2024, Reserve Bank of India’s Deputy Governor T. Rabi Shankar unveiled plans for an interoperable cash deposit feature through UPI. This innovative facility will enable customers to deposit cash seamlessly into cash deposit machines using their UPI app, eliminating the need for a physical debit card.

The National Payments Corporation of India (NPCI) has outlined the UPI Interoperable Cash Deposit (ICD) feature, allowing customers to deposit cash into their own or other bank accounts at ATMs. By leveraging their mobile number linked to UPI, along with Virtual Payment Addresses (VPA) and account IFSCs, users can effortlessly deposit cash, transcending the limitations of traditional banking methods.

Experts anticipate that the UPI ICD feature will streamline cash deposits at ATMs, offering a more convenient and secure alternative to the existing debit card-based transactions. The phased rollout of this feature by banks indicates that consumers can look forward to leveraging the UPI interoperable cash deposit facility in the near future, simplifying their banking experience.

With the UPI ICD system mirroring the user-friendly interface of UPI cards for cash withdrawals, customers can now transact seamlessly through their UPI apps, heralding a new era of digital banking convenience.

The post Revolutionizing Banking: UPI Services Transforming Digital Transactions in India appeared first on Vizag One.