Cash withdrawal from a smartphone is going to be even easier now. UPI, which is used everywhere in the country, is currently used for sending money, paying bills and online shopping. Now it can be used for cash withdrawal as well.
UPI Cash Withdrawal: Now, withdrawing cash from a smartphone is going to be easier. UPI (Unified Payments Interface), which is used everywhere in the country, is currently used for sending money, paying bills and online shopping. Now it can also be used for cash withdrawal. It is reported that the National Payments Corporation of India (NPCI) is now preparing to start the facility of withdrawing cash by scanning a QR code. For this, lakhs of Business Correspondents (BCs), such as grocery shopkeepers or small service points, will provide QR codes. Customers will be able to withdraw cash by scanning the code from any UPI app on their mobile.
What is the detail
According to a report in Economic Times, National Payments Corporation of India (which is the organisation running the retail payments and settlement system in the country) has sought permission from RBI to provide a cash withdrawal facility through UPI to Business Correspondents (BCs) as well. According to the report, a senior official of NPCI said that this facility is still at the planning stage and a final decision has not been taken on it yet.
Let us tell you that as of today, cardless cash withdrawal from UPI is possible only from those ATMs (which are UPI-enabled) or from some selected shopkeepers. There is a limit there, too. For example, in cities and towns, only up to ₹ 1,000 cash can be obtained on every transaction. In rural areas, this limit is up to ₹ 2,000. Now plans are being made to extend this facility to more than 20 lakh Business Correspondents (BCs) across the country.
Who are BCs?
These are smallcentress or people who often live in remote or unbanked areas and work as an extension of bank branches. That is, they help in providing banking and financial services to the people. Let us tell you that NPCI itself created and launched UPI in 2016.
How will it work-
The government and the banking sector are working on making cash withdrawal easier with UPI. When a customer visits the BC outlet, they will scan the QR code with UPI.
That amount will be debited from the customer’s account.
The same amount will be credited to the BC’s account.
Then the BC will give cash to the customer.
What are the options available now?
Currently, customers can withdraw money from the micro-ATM machines available with BCs by inserting their ATM card. But this method is rarely used.
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