Mumbai, Mar 30: While UPI has transformed digital payments, access to cash remains essential, especially in semi-urban and rural areas. To address the need, PayNearby, Bharat’s leading branchless banking and digital financial network, has introduced UPI Cashpoint, enabling customers to withdraw cash using UPI QR at nearby retail stores, without the need for a debit card or Aadhar authentication.
With this launch, customers can use their smartphone to scan UPI QR code at the local retail store, enter the amount, authenticate the transaction, and receive cash instantly.
PayNearby has enabled this service in partnership with IndusInd Bank, which powers the backend infrastructure for UPI-based cash withdrawals across its vast retail network. This allows customers to access cash through local stores in a simple and familiar manner, without the need to carry cards or remember Aadhaar details.
Customers can initiate withdrawals through third-party UPI apps (TPAPs), including PayNearby Saathi (in partnership with YES Bank) and other supported UPI applications. Designed to bring more users onto UPI, these apps offer a simple cash withdrawal experience, supported by on-ground handholding at retail stores.
As UPI evolves beyond payments, its role in enabling broader access to financial services is becoming more pronounced. In many parts of Bharat, access is not only about digital infrastructure, but also about trust and familiarity. By combining UPI with assisted service models through neighbourhood retailers, UPI Cashpoint brings together digital capability with on-ground accessibility, enabling customers to access cash through familiar local stores.
With a per transaction limit of ₹5,000, a daily limit of ₹10,000, and a monthly limit of ₹50,000 for customers, the service is designed to support everyday cash needs. The solution does not require any additional device or infrastructure at the retailer’s end, reducing the cost of setup and making cash withdrawal services easier to scale across existing neighbourhood stores.
Commenting on the launch, Anand Kumar Bajaj, Founder, MD & CEO, PayNearby, said,
“UPI has become a foundational layer for digital payments in Bharat, and its role is now extending beyond transactions to enabling access. With UPI Cashpoint, we are enabling customers to access cash through trusted nearby retail stores using a simple UPI flow. This reflects how digital infrastructure can be adapted to meet everyday needs, while working closely with our banking partners to strengthen access and participation at the last mile.”
For retailers, UPI Cashpoint creates additional engagement and earning opportunities through increased footfall and transaction-led income. For customers, it brings essential financial services closer to where they live and transact, supported by familiar local interfaces.
PayNearby operates across 20,000+ PIN codes, enabling access to banking and digital services through local retail networks. UPI Cashpoint builds on this network by extending everyday cash access through an assisted retail network across Bharat.
