The service will be available across Ezeepay’s extensive network of agents and retail outlets, ensuring access to cash, particularly in semi-urban and rural areas
Ezeepay, a fintech platform enabling assisted digital financial services across India, has introduced new UPI Cash-out service, allowing customers to withdraw cash through its widespread network of banking outlets. The service is expected to go live in the second week of April, in compliance with Reserve Bank of India (RBI) guidelines.
The service will be available across Ezeepay’s extensive network of agents and retail outlets, ensuring easy access to cash, particularly in semi-urban and rural areas. With this new feature, customers can now use UPI to withdraw cash ranging from a minimum of Rs 1,000 to a maximum of Rs 5,000 per transaction, with a monthly withdrawal cap of Rs 50,000.
The development comes just days after PayNearby, a branchless banking and digital financial network, has introduced UPI Cashpoint, enabling customers across semi-urban and rural India to withdraw cash using UPI QR at nearby retail stores, without the need for a debit card or Aadhar authentication.
In addition, Ezeepay has introduced a nominal commission model, where each cash withdrawal transaction will carry a fee, capped at Rs 10 per transaction. For Ezeepay’s agent network, the feature is expected to drive higher footfall and recurring earnings, further strengthening the company’s grassroots presence.
“With the introduction of UPI Cash-out, we are empowering customers with a simple and secure way to access cash through their trusted neighborhood retailers. This service not only enhances financial convenience for users but also creates an additional income stream for our agents and retail partners, strengthening the overall ecosystem,” stated Shams Tabrej, Co-founder and Chief Executive Officer (CEO), Ezeepay.
