Mumbai (Economy India): Union Bank of India has unveiled its innovative UPI Interoperable Cash Deposit (UPI ICD) product during the Global Fintech Fest 2024 in Mumbai. This cutting-edge pilot initiative, designed for Android Cash Recycler Machines (CRMs), marks another step forward in India’s digital payment ecosystem.
The launch event was attended by prominent figures including RBI Deputy Governor Shri T. Rabi Sankar and Shri Nitesh Ranjan, Executive Director of Union Bank of India. The UPI ICD product showcases the bank’s commitment to enhancing customer convenience through technological innovation.
Key Features and Benefits
The UPI ICD product offers several key benefits
- Interoperability: Customers of Union Bank of India and other banks can deposit cash into Union Bank’s CRMs.
- Card-less Deposits: The product allows for deposits without the need for physical cards.
- Versatility: Customers can deposit cash for themselves or third parties.
To use the service, customers simply scan the QR code displayed on the CRM 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, followed by authenticating the transaction with their UPI PIN.
Pioneering Payment Solutions
Union Bank of India continues to lead the way in introducing advanced payment products. Last year, the bank launched interoperable card-less cash withdrawals at its ATMs, allowing customers to withdraw cash using a UPI QR code. This new initiative further enhances the convenience of cash deposits for customers across India.
As digital payments continue to surge, with India at the forefront of this global trend, Union Bank of India’s UPI ICD product simplifies the deposit process, aligning with the country’s push towards a more digitized financial ecosystem.
Economy India
