The Reserve Bank of India (RBI) has recently advanced financially. Now you can use UPI to deposit cash at ATMs. No debit card is required anymore! This striking move has everybody buzzing about the eventual future of debit cards in India.
UPI Takes The Lead
For a long time, debit cards managed all the payment world. In any case, currently, UPI is the new king. RBI data shows how varied payments have soared throughout recent years, while debit card usage has scarcely moved. The data speaks that in the year 2021-22, mobile payments and transactions were at Rs 150 lakh crore, however by 2023-24, they’ve taken off to Rs 307 lakh crore. This huge shift in the amount of transactions is sufficient to tell us about the future of UPI transactions. In the meantime, debit card payments have remained stagnant at around Rs 32.9 lakh crore.
Experts Weigh In
Industry experts accept this decision denotes the end of an era. Atish Shelar, COO of TechFini, predicts that debit cards could rarely be used exclusively for international transactions. Rahul Jain, CFO of NTT Data Payment Services India, noticed that UPI’s convenience is driving a surge in mobile transactions. He figures physical cards will become out of date for small payments, reducing costs.
The Future Of ATMs
This shift to UPI isn’t just about convenience; it could likewise change how we use ATMs. Assuming traders start taking care of more cash deposits and withdrawals, ATMs could turn out to be more uncommon in use. The experts also agree that digital and mobile payments are what’s the future.
A Digital Revolution: UPI Cash Deposit
The RBI’s decision could reshape India’s payment landscape. With UPI turning into the go-to method for transactions, debit cards could be a thing of past times. A digital revolution that is changing how we handle cash. Thus, whenever you’re at an ATM, leave your debit card at home. Simply take out your telephone and let UPI handle the rest. The eventual fate of payment in India is here, and it’s digital, fast, and incredibly helpful.
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