Jio Payments Bank Limited: Jio Payments Bank Limited has introduced a new service for its customers. Now, individuals can withdraw cash using UPI without needing an ATM card. All they have to do is scan a QR code and approve the transaction via the UPI app, similar to making a payment.
This service is available through the bank’s BC network. This means that customers can conveniently withdraw cash by visiting a nearby BC point. There is no need for an ATM or debit card. This service has been specifically designed for residents of rural and small towns. Many individuals engage in digital payments but have limited access to ATMs or banking services.
This new service will facilitate cash withdrawals, making them easier and safer for users. It will also encourage the use of digital payments. Jio Payments Bank was established in 2016 and has received approval from the RBI. The bank aims to simplify digital banking and make it accessible to as many individuals as possible.
Jio Payments Bank has mentioned that this cardless cash withdrawal feature will help bridge the gap between digital payments and cash usage. It will offer first-time digital payment users a secure and supportive UPI experience. The bank has indicated that this initiative is a crucial step towards enhancing access to banking services across the country. It will extend UPI to cash-dependent segments and bolster financial inclusion.
This feature will broaden UPI access for cash-dependent segments of the population, thereby reinforcing financial inclusion in the nation. Jio Payments Bank will utilize its digital payments infrastructure. Through its last-mile business correspondent network, the service will extend to remote areas. The goal is to connect those who have previously been unbanked with banking services.
Cash withdrawal without a debit card
Customers can now visit a business correspondent and scan a QR code. They will then authorize the transaction through their UPI app. This method will enable them to withdraw cash even without a debit card. This is particularly beneficial for those who do not possess a debit card or cannot access an ATM. This service will also aid in promoting digital transactions.
