Cash Deposit Via UPI & PPI Wallet Interoperability- 2 New UPI Features Launched by RBI

Check out the Latest UPI Features Launched by RBI

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The Reserve Bank of India (RBI) has announced two new features for Unified Payments Interface (UPI) users that aim to streamline transactions and cash deposits. RBI Governor Shaktikanta Das announced these initiatives in the monetary policy statement, emphasising their potential to improve user convenience and digital payment adoption.

Cash Deposit Via UPI & PPI Wallet Interoperability- 2 New UPI Features Launched by RBI

New UPI Features

1- Cash Deposit via UPI

   

The RBI’s plan proposes to enable UPI-based cash deposits at Cash Deposit Machines (CDMs), similar to the current UPI cardless cash withdrawal process. Currently, cash deposits at CDMs are generally made with debit cards, but this new function will eliminate the need for real cards.

This innovation streamlines cash deposit operations, converting them to cardless transactions. Users will just need UPI-enabled bank accounts to deposit cash at CDMs, resulting in increased banking convenience and efficiency.

This decision is consistent with the RBI’s objective to expand digital payments and improve consumer experience in banking transactions.

Also read: WhatsApp to Start International UPI Payments- Know All About the New Feature

2- UPI Access for Prepaid Payment Instruments (PPIs) through Third Party Apps

The RBI’s initiative allows individuals to make UPI payments with Prepaid Payment Instruments (PPIs) using third-party apps, increasing customer convenience and boosting digital transactions for small value payments. Users can now connect their PPI wallets to third-party UPI apps to allow transactions effortlessly.

This guideline improves interoperability among PPI wallets, allowing Full KYC PPI Wallets to work together. According to experts, this innovation will bring PPIs up to level with bank accounts for performing UPI transactions using third-party services such as PhonePe and Google Pay.

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