&imwidth=800&imheight=600&format=webp&quality=medium "Cash withdrawals with smartphones using UPI scanners soon: Report")
The authorities are planning to widen the reach of the unified payments interface (UPI) by enabling cash withdrawals through smartphones. Individuals, non-profits, and grocers, who act as 'business correspondents' (BCs), may soon have QR codes that users can use through UPI apps to withdraw money.
As of now, UPI-driven cash withdrawals can be done using ATMs. Merchants can also give cash as much as Rs 1000 per transaction in cities and Rs 2000 in villages. According to ET, authorities are planning to enable such facilities at around 2 million BCs acrossthe nation.
National Payments Corporation of India (NPCI) has reportedly sought the RBI's clearance for extending the UPI-based cash withdrawal at BCs, ET reported, citing sources.
How would it work?
According to the report, the UPI system will allowBC outlets to provide cash to the account holders. An equivalentamountof money will be deducted from the users' accounts. As of now, BCs can use ATM cards to withdraw money using micro-ATMs.
In rural areas, an Aadhaar-enabled system is currently in use in whichBCs scan account holders' fingerprintsto take out cash from their bank accounts.
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This service can be used for those whose fingerprints are not easily readable and those who are not comfortable using ATM cards for security reasons. Many customers would prefer to use this system instead of ATMs.
However, ATMs may still be useful as they are open the entire day and can store more cash.
If approved, customers will be able to take out money up to Rs 10,000 from BC outlets.