The Reserve Bank of India (RBI) has made a significant announcement regarding UPI. Users will soon be able to deposit cash without using a debit card. Let’s find out how…
No Need for Debit Card to Deposit Cash
The RBI has proposed allowing cash deposits through UPI. This means that users will be able to avail themselves of the facility to deposit money in cash deposit machines. All they need to do is scan the QR code. They will have to place the notes inside the machine for counting and acceptance. Currently, debit cards are required to deposit cash. The activation of this feature will save people’s time.
Permission to Link Third-Party UPI Apps with PPI
The Central Bank has allowed linking prepaid payment instruments (PPI) through third-party UPI apps. This will benefit customers. Additionally, digital payments for low-value transactions will receive a boost. Currently, users of PPI wallets can use the issuer’s app for UPI transactions. However, after the feature is activated, digital wallet users will not need to rely on PPI wallets for UPI payments.