New Delhi: Jio Payments Bank, a wholly-owned subsidiary of Jio Financial Services, has introduced UPI-based cash withdrawal through its business correspondent touchpoints, marking an important step towards strengthening digital payments ecosystem and advancing financial inclusion.
The feature enables customers, particularly in rural and semi-urban areas, to conveniently withdraw cash by simply scanning a UPI QR code and authorising the transaction through their UPI application, eliminating the need for debit cards or access to traditional ATM infrastructure, Jio Financial Services Ltd (JFSL) said in a statement on Tuesday.
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By enabling cardless cash withdrawals at business correspondent (BC) touchpoints, the initiative bridges the gap between digital payments and physical cash access, while providing first-time digital users with an assisted and secure way to experience UPI transactions, it added.
Through this initiative, Jio Payments Bank Ltd (JPBL) continues to leverage the digital payments infrastructure and its last-mile BC network to expand accessible banking services, strengthen UPI's reach among cash-dependent segments, and enhance financial inclusion across rural and semi-urban India, it said.
The feature enables customers, particularly in rural and semi-urban areas, to conveniently withdraw cash by simply scanning a UPI QR code and authorising the transaction through their UPI application, eliminating the need for debit cards or access to traditional ATM infrastructure, Jio Financial Services Ltd (JFSL) said in a statement on Tuesday.
Also Read: Gaming transactions involving Fino Bank may face ED probe
By enabling cardless cash withdrawals at business correspondent (BC) touchpoints, the initiative bridges the gap between digital payments and physical cash access, while providing first-time digital users with an assisted and secure way to experience UPI transactions, it added.
Through this initiative, Jio Payments Bank Ltd (JPBL) continues to leverage the digital payments infrastructure and its last-mile BC network to expand accessible banking services, strengthen UPI's reach among cash-dependent segments, and enhance financial inclusion across rural and semi-urban India, it said.
