atm deposits through upi: Pay as you go cost devices can now make funds and deposit money through UPI
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“Given the expertise gained from card-less money withdrawal utilizing UPI on the ATMs, it’s now proposed to additionally facilitate deposit of money in CDMs utilizing UPI. This measure will additional improve buyer comfort and make the forex dealing with course of at banks extra environment friendly”, mentioned the RBI Governor Shaktikanta Das
Pay as you go cost devices (PPI) or wallets may solely be made by internet or functions offered by the PPI issuers. This transfer will open wallets into the UPI ecosystem.
“Customers can join the banking account, credit score card and now even their pockets to UPI, giving them the selection of utilizing these three channels to make a cost through UPI. This may present an ideal enhance to the expansion of fintechs”, mentioned Rajesh Londhe, Head of Funds at PhiCommerce.
Given the recognition of UPI amongst all customers, the RBI has now facilitated deposit of money by money deposit machines through UPI.
At present, to entry the money deposit facility, the consumer should insert their debit card, enter the PIN and choose “deposit” to finish the method on the ATM. The brand new facility shall be a card-less course of, enabled by UPI on that checking account.
