Through UPI Cashpoint, customers can withdraw cash using UPI QR at nearby retail stores, without the need for a debit card or Aadhar authentication.
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.
With this, customers can use their smartphone to scan UPI QR code at the local retail store, enter the amount, authenticate the transaction, and receive cash instantly. PayNearby has partnered with IndusInd Bank, which powers the backend infrastructure for UPI-based cash withdrawals across its vast retail network.
With a per transaction limit of Rs 5,000, a daily limit of Rs 10,000, and a monthly limit of Rs 50,000 for customers, the service is designed to support everyday cash needs. The solution does not require any additional device or infrastructure at the retailer’s end, the company said.
“With UPI Cashpoint, we are enabling customers to access cash through trusted nearby retail stores using a simple UPI flow. This reflects how digital infrastructure can be adapted to meet everyday needs, while working closely with our banking partners to strengthen access and participation at the last mile,” stated Anand Kumar Bajaj, Founder, Managing Director and Chief Executive Officer (CEO), PayNearby.
Customers can initiate withdrawals through third-party UPI apps (TPAPs), including PayNearby Saathi (in partnership with Yes Bank) and other supported UPI applications. For retailers, UPI Cashpoint eyes creating additional engagement and earning opportunities through increased footfall and transaction-led income. For customers, it aims to bring essential financial services closer to where they live and transact, supported by familiar local interfaces.
