Union Bank of India is leading change in the future of banking by introducing the novel service of UPI QR code cash depositing. Some of the advantages that this new service provides are compatibility, no physical card to use in making the transactions, and depositing to individual and third-party accounts.
How it Works: Primarily, The RuPay UPI QR Code Cash Deposit page is briefly detailed below The key highlights of the money deposit feature using the RuPay UPI QR code as below.
Therefore, with the help of this new service, all CIM customers including Union Bank of India together with other banks can easily make cash deposits into Union Bank’s CRMs. Users, for instance, can scan any UPI code with any UPI application of their choice to choose a beneficiary with their mobile number or UPI ID and then confirm the transaction with the help of their UPI PIN.
Union Bank of India has recently announced its pilot on the UPI Interoperable Cash Deposit or UPI ICD at the Global Fintech Fest 2024 organized by the NPCI in Mumbai. Several personalities, such as the RBI Deputy Governor Shri T. Rabi Sankar and the Union Bank of India Executive Director Shri Nitesh Ranjan graced the occasion of the launch event.
In the press release from Union Bank of India, they stated, “Union Bank of India is at the forefront of offering technologically advanced payment solutions with this product that comes with features and benefits of including and not limited to Inter-Operations, cardless deposits, and depositing for self and third parties.
How can the new UPI Cash Deposit System be?
The process is straightforward. Customers who are from Union Bank of India or any other bank can also deposit cash into Union Bank’s CRMs by simply scanning the QR code placed on the screen of the machine using any UPI-enabled application. They can then select a beneficiary by either providing a mobile number, UPI ID, account number, and IFSC code and completing the transaction by providing the UPI PIN.
This comes after the bank early this year launched interoperable cardless cash withdrawals at its ATMs where customers could withdraw cash using a UPI QR code. Hence, the new UPI cash deposit service also brings extra comfort to customers in terms of cash deposits because the country remains at the forefront of the development of digital payments.
Increasing Convenience and Reducing Risks in Cash Deposit
Common people could do without a physical car and put money into the ATMs operated by the banks and WLAOs with the help of the UPI ICD feature. However, as per an NPCI release, the users can safely transfer the amount to his/ her bank account or any other bank account using the UPI app.
Union Bank of India has recently taken a huge step in moving in the direction of direct banking incorporating a modern approach to handling cash deposits. With the increasing use of digital payments, this fantastic solution places Union Bank of India in a strategic vantage point concerning banking innovation to address diverse challenges affecting banking today by allowing customers to put cash in today’s digital economy seamlessly and expeditiously.
