Union Bank of India is leading the way in cutting edge payment products with the launch of this innovation, which offers key benefits such as interoperability, card less deposits, and the capability to deposit for both self and third parties.
Union Bank of India or any other bank’s customers can now deposit cash into Union Bank’s Cash Recycler Machines (CRMs) by scanning a QR code with any UPI app, choosing a beneficiary with their mobile number or UPI ID, and confirming with their UPI PIN.
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Union Bank of India recently introduced its UPI Interoperable Cash Deposit – UPI ICD pilot product in Android Cash Recycler Machines (CRMs) at the Global Fintech Fest 2024 organised by National Payments Corporation of India (NPCI) in Mumbai, according to an official statement shared by the bank.
The launch event was graced by RBI Deputy Governor Shri T. Rabi Sankar and Shri Nitesh Ranjan, Executive Director, Union Bank Of India.
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“Once again, Union Bank of India is leading the way in cutting edge payment products with the launch of this innovation, which offers key benefits such as interoperability, card less deposits, and the capability to deposit for both self and third parties,” the statement said.
With this product, customers of Union Bank of India or any other Bank can deposit cash into Union Bank’s CRM by scanning the QR code displayed on screen with any ICD enabled UPI app. They can then select the beneficiary by entering a mobile number, UPI ID, or account and IFSC details, and authenticate the transaction using their UPI PIN.
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Last year, the Bank introduced interoperable card less cash withdrawals at its ATMs, allowing customers to withdraw cash using a UPI QR code. “The present initiative will enhance the convenience of cash deposits for customers in India. With the surge in digital payments, and India at the forefront of this trend, this launch by Union Bank of India simplifies the deposit process for customers,” the bank said in its statement.
How does the new UPI method to deposit cash work?
“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 own bank account or any other bank account without the need for a physical card,” according to an NPCI release.
