PayNearby Revolutionizes Cash Access: Withdraw Funds Using UPI QR Codes at Local Stores

PayNearby has launched a groundbreaking service, UPI Cashpoint, allowing customers to withdraw cash from local retail stores using UPI QR codes. This initiative aims to bridge the gap in cash accessibility, particularly in semi-urban and rural areas, by leveraging the widespread UPI network and trusted neighborhood retailers.

• Customers can now withdraw cash using their smartphones by scanning UPI QR codes at retail stores.
• The service eliminates the need for debit cards or Aadhaar authentication for cash withdrawals.
• PayNearby has partnered with IndusInd Bank for the backend infrastructure.
• Withdrawals can be initiated through third-party UPI apps, including PayNearby Saathi.

While UPI has significantly transformed digital payments, the need for physical cash remains crucial for many, especially in underserved regions. PayNearby’s UPI Cashpoint addresses this by enabling customers to perform cash withdrawals at nearby retail stores. This service allows users to simply scan a UPI QR code displayed at the store, enter the desired withdrawal amount, authenticate the transaction via their UPI app, and receive cash instantly.

This innovative service is powered by a collaboration between PayNearby and IndusInd Bank. IndusInd Bank provides the essential backend infrastructure that supports these UPI-based cash withdrawals across PayNearby’s extensive retail network. Customers can initiate these transactions using various third-party UPI applications (TPAPs), including PayNearby’s own app, PayNearby Saathi, which is developed in partnership with YES Bank.

PayNearby’s initiative is designed to bring more users into the UPI ecosystem by offering a straightforward cash withdrawal experience. The service emphasizes on-ground support at retail stores, making it accessible even for those less familiar with digital processes. By integrating UPI’s digital capabilities with the familiarity and trust of local retail stores, UPI Cashpoint enhances financial inclusion and ensures cash availability at the last mile.

The UPI Cashpoint service comes with defined transaction limits: ₹5,000 per transaction, ₹10,000 daily, and ₹50,000 monthly for customers. A significant advantage for retailers is that the solution requires no additional devices or infrastructure, making it easy to adopt and scale. For retailers, this service presents an opportunity for increased customer engagement and additional income streams through transaction fees.

Anand Kumar Bajaj, Founder, MD & CEO of PayNearby, highlighted the service’s role in extending UPI’s utility beyond payments to enabling access. He stated, "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."

PayNearby’s vast network spans over 20,000 PIN codes, and UPI Cashpoint further strengthens this by extending everyday cash access through its assisted retail network across India.

• PayNearby Enables Cash Withdrawal Using UPI QR, SMEStreet.