Mumbai: Jio Payments Bank Limited (JPBL), a wholly-owned subsidiary of Jio Financial Services Limited, has introduced UPI-based cardless cash withdrawal services at its Business Correspondent (BC) touchpoints.
This marks a significant step toward expanding digital payments and financial inclusion in India.
Cardless Cash Access for Users
The newly launched service allows customers to withdraw cash by simply scanning a UPI QR code and authorizing the transaction through any UPI-enabled app. This eliminates the need for debit cards or ATM visits, making the process more accessible, especially for users in rural and semi-urban areas.
The cardless system is designed to offer a secure and simple way for first-time digital users to access cash. By bridging the gap between digital transactions and physical cash, JPBL aims to make financial services more inclusive and user-friendly.
Boosting Financial Inclusion
Leveraging its widespread BC network, JPBL plans to drive UPI adoption among populations that still rely heavily on cash. The assisted model at BC points ensures that new users can confidently carry out transactions, enhancing trust in digital banking systems.
Strengthening Digital Banking Ecosystem
Approved by the Reserve Bank of India, JPBL has been delivering digital-first banking services since its inception in 2016. Its parent company operates a broad financial ecosystem spanning payments, insurance, lending, and asset management, with global partnerships including BlackRock and Allianz Group.
Also Read
Maharashtra State Co-operative Bank Partners with Airpay to Enable UPI Across Maharashtra
Discussion about this post