RBI introduces two new UPI features aimed at enhancing transaction ease: cash deposits via UPI at machines and UPI payments from PPIs using third-party apps.
RBI Governor Shaktikanta Das unveils the new UPI features as part of the monetary policy statement, emphasizing their role in enhancing convenience and boosting digital payments.
1. UPI Access for Prepaid Payment Instruments (PPIs) through Third Party Apps:
- Users can now make UPI payments from PPI wallets using third-party UPI apps, enhancing customer convenience for small value transactions.
- This move enables interoperability among PPI wallets and allows customers to link their wallets with third-party UPI apps for transactions.
2. Enabling UPI for Cash Deposit Facility:
- Customers will soon be able to deposit cash at Cash Deposit Machines (CDMs) in banks and ATMs through the UPI app, eliminating the need for a debit card.
- This UPI cardless cash deposit method streamlines the currency handling process at banks and makes cash deposits more efficient for customers.
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The introduction of these new UPI features signifies a significant advancement in digital payments and banking convenience, aligning with the government’s push towards a cashless economy.
