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NPCI Launches Product For Cash Deposits At ATMs Using UPI

Inc42 · 1y ago

NPCI Launches Product For Cash Deposits At ATMs Using UPI

RBI Deputy Governor T Rabi Sankar launched the UPI Interoperable Cash Deposit (UPI-ICD) at the Global Fintech Fest 2024. This new feature allows customers to deposit cash at ATMs using UPI, eliminating the need for a physical card. Partnered with the National Payments Corporation of India (NPCI), the initiative makes cash deposits more seamless and accessible by leveraging mobile numbers, VPAs, and account IFSCs. Additionally, ATMs with open architecture can now function as digital banking units (DBUs), offering services like account opening and credit card applications.

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Bank of Baroda enables UPI ATM facility at over 6,000 ATMs across country

Economic Times

Economic Times · 2y ago

Bank of Baroda enables UPI ATM facility at over 6,000 ATMs across country

Bank of Baroda (BoB) has introduced UPI ATM facilities at more than 6,000 ATMs nationwide, becoming the first public sector bank to do so. In collaboration with the National Payments Corporation of India (NPCI) and powered by NCR Corporation, BoB's UPI ATMs enable customers to withdraw cash without using their debit card. The Interoperable Cardless Cash Withdrawal (ICCW) technology allows cardless cash withdrawals through ATMs, offering seamless QR-based cash withdrawals. Customers can withdraw cash from multiple UPI-linked accounts, and UPI ATM transactions are secure, generating a unique dynamic QR code for each transaction.

NPCI launches slew of UPI-focused products - The Economic Times

Economic Times

Economic Times · 8m ago

NPCI launches slew of UPI-focused products - The Economic Times

The National Payments Corporation of India (NPCI) has introduced several new UPI-focused initiatives, including Aadhaar-based face authentication for UPI PIN management and on-device biometric authentication using smartphones. Additionally, a new cash withdrawal mode via micro ATMs using UPI was launched. These developments aim to enhance user convenience and security. Furthermore, NPCI International Payments partnered with PayPal to integrate UPI on a global platform, enabling payments to international merchants in Indian rupees starting in 2025.

Money anywhere, anytime with cash on scan: Cash withdrawals with smartphones are about to become easier

Economic Times

Economic Times · 9m ago

Money anywhere, anytime with cash on scan: Cash withdrawals with smartphones are about to become easier

Plans are underway to enable cash withdrawals via smartphones using the Unified Payments Interface (UPI) virtually anywhere in India. This initiative aims to expand beyond UPI-enabled ATMs by facilitating cash withdrawals at Business Correspondents (BCs). BCs in remote areas would offer UPI-based cash withdrawals using QR codes. While this offers convenience, there are concerns about potential misuse by cyber thieves using the system for unauthorized cash withdrawals, raising security and fraud risks.

UPI features like ATM withdrawals, circle likely to hit debit cards hard

Economic Times

Economic Times · 1y ago

UPI features like ATM withdrawals, circle likely to hit debit cards hard

The Unified Payments Interface (UPI) in India is expected to gain a larger share of the debit card market due to new features such as cash withdrawals from ATMs and delegated payments. Debit card usage has been declining in recent years, and UPI's ability to support various digital payment needs could further challenge the use of debit cards. UPI Circle, a delegated payment feature allowing authorization for family members' transactions, could potentially replace add-on debit cards. UPI ATMs offering cardless cash withdrawals and deposits could also reduce operational costs. As UPI expands, it diminishes the unique role that debit cards once held.

Mumbai-Based Fintech PocketATM Raises $400,000 In Pre-Seed Funding

OutlookIndia

OutlookIndia · 2y ago

Mumbai-Based Fintech PocketATM Raises $400,000 In Pre-Seed Funding

Mumbai-based fintech PocketATM has raised $400,000 in a pre-seed funding round. The investment was led by Indian Express Commercial Ventures, Modicare's Samir Modi, and other prominent investors. PocketATM allows customers to withdraw cash from nearby Kirana stores using QR codes, eliminating the need for cards or traditional ATMs. The platform aims to offer convenient and reliable cash withdrawal services at minimal charges, utilizing the UPI protocol. The company plans to expand its operations beyond Mumbai and Navi Mumbai. India sees over 550 million cash withdrawal transactions on a monthly basis across 2.3 lakh ATMs.

Hitachi Payment Services launches first ever UPI-ATM

Startup News FYI

Startup News FYI · 2y ago

Hitachi Payment Services launches first ever UPI-ATM

Hitachi Payment Services has launched India's first-ever UPI-ATM as a White Label ATM in partnership with the National Payments Corporation of India (NPCI). This UPI-only ATM offers card-less cash withdrawals, enhancing security by eliminating the need for physical cards. The Hitachi Money Spot UPI ATM aims to provide a unified and secure user experience while promoting financial inclusion in areas with limited traditional banking infrastructure. It leverages advanced technology to deliver a seamless digital experience for customers. Hitachi Payment Services is known for innovative offerings in the payments domain and is the only White Label ATM operator offering Cash Deposit facilities at over 3,000 ATM locations.

NPCI curbs on unauthorised use of UPI IDs by fintech companies

Economic Times

Economic Times · 1y ago

NPCI curbs on unauthorised use of UPI IDs by fintech companies

The National Payments Corporation of India (NPCI) has instructed fintech firms to halt unauthorised use of virtual IDs for activities beyond payments and settlements on the Unified Payments Interface (UPI) platform. Some businesses had been using UPI IDs to verify users, which is not authorised by NPCI and the Reserve Bank of India. NPCI warned that any violation of guidelines would result in penalties or cessation of UPI services. Fintechs, including identity verification platforms and payment aggregators, have been using UPI APIs to authenticate users and build customer profiles.

NPCI Puts Brakes On Misuse Of Virtual IDs

Inc42 · 1y ago

NPCI Puts Brakes On Misuse Of Virtual IDs

Fintech companies are offering services using unauthorised third-party authentication of users through their UPI Ids, which goes against the rules set by the NPCI and the central bank. The NPCI has ordered the shutdown of these services, stating that UPI APIs are intended for facilitating UPI payments and verifying users for fraud prevention purposes only.

PayNearby receives NPCI approval to operate as a UPI TPAP, launches PayNearby Saathi for rural India

IndianStartupNews

IndianStartupNews · 6m ago

PayNearby receives NPCI approval to operate as a UPI TPAP, launches PayNearby Saathi for rural India

Fintech startup PayNearby received approval from NPCI to operate as a Third-Party Application Provider on UPI, enabling direct UPI services through its platform. The company launched PayNearby Saathi, focusing on assisted UPI onboarding, targeting semi-urban and rural markets with its retail network. The app supports UPI payments, core banking services, and aggregates financial products. It features multilingual, voice-based navigation using AI to aid digital literacy. PayNearby aims to address accessibility in underdeveloped areas.

UPI now accepted in Qatar, Qatar Duty Free becomes first merchant - The Economic Times

Economic Times

Economic Times · 9m ago

UPI now accepted in Qatar, Qatar Duty Free becomes first merchant - The Economic Times

NPCI International Payments Ltd. has partnered with Qatar National Bank to enable UPI payments across Qatar via QNB-acquired merchants' point-of-sale terminals. This allows Indian travelers, the second-largest group visiting Qatar, to seamlessly use UPI at major tourist spots and Qatar Duty Free, reducing reliance on cash and currency exchange.

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