UPI Interoperable Cash Deposit allows customers to deposit cash at ATMs operated by banks and white label ATM operators using UPI, eliminating the need for a physical card
Banks also showcased digital banking units (DBUs), which are ATMs with open architecture that can host bank apps and offer services beyond deposits and withdrawals, at the GFF
Meanwhile, the RBI also announced rebranding of Bharat Bill Payment System (BBPS) to Bharat Connect
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RBI deputy governor T Rabi Sankar launched UPI Interoperable Cash Deposit (UPI-ICD) at the Global Fintech Fest (GFF) 2024 on Thursday (August 29) to enable customers to deposit cash at ATMs by using UPI.
The product was unveiled in partnership with the National Payments Corporation of India (NPCI). Besides, banks also showcased digital banking units (DBUs) at the event.
UPI-ICD allows customers to deposit cash at ATMs operated by banks and white label ATM operators using UPI, eliminating the need for a physical card.
“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,” the NPCI said in a statement.
On the other hand, ATMs with open architecture can host bank apps, positioning them as DBUs. A DBU offers services beyond deposits and withdrawals, including opening bank accounts, applying for credit cards, and more.
In fact, payments and commerce solutions provider Hitachi Payment Services launched its Android-based cash recycling machine, that functions as a DBU, at the GFF.
Meanwhile, RBI executive director Vivek Deep also announced the rebranding of Bharat Bill Payment System (BBPS) to Bharat Connect.
“This is an important step to refresh and strengthen the BBPS brand. Bharat Connect embodies NPCI Bharat BillPay Limited’s (NBBL’s) values and vision for stakeholders and customers, going beyond a bill payment system to create an ecosystem that connects individuals and businesses, through an integrated platform,” the statement added.
The development came a day after RBI governor Shaktikanta Das launched Bharat BillPay for Business at the GFF. The new offering will largely cater to business enablement platforms irrespective of size and will look to streamline B2B payments and collections.
The new launches are in line with the RBI and the NPCI’s efforts to expand UPI and other digital offerings. Besides Bharat BillPay for Business, Das also launched UPI Circle, which allows customers to link with trusted secondary users on the UPI app for either partial or full delegation of payments.
Earlier this month, the NPCI incorporated NPCI BHIM Services Ltd (NBSL) as its wholly-owned subsidiary to address the growing demand for digital transactions and evolving market expectations.
Not to mention, the NPCI has been actively working to take UPI global. Last month, Qatar became the latest country where UPI has been rolled out.
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