PayNearby has launched UPI Cashpoint, a new service enabling cardless cash withdrawals at neighbourhood retail outlets, with a focus on semi-urban and rural markets where cash remains essential.
The service allows customers to withdraw cash by scanning a UPI QR code at participating stores, entering the amount, and authenticating the transaction on their smartphone. It removes the need for debit cards or Aadhaar-based authentication, simplifying access to cash in underserved areas.
The backend infrastructure is powered by IndusInd Bank, while customers can initiate transactions using third-party UPI applications, including the Saathi app developed in partnership with YES Bank, along with other supported platforms.
UPI Cashpoint is designed for routine usage, with a per-transaction limit of Rs 5000, a daily cap of Rs 10000, and a monthly ceiling of Rs 50000. The service does not require additional hardware at the retailer level, enabling faster scalability across existing merchant networks.
The launch reflects the evolving role of UPI beyond payments, supporting broader financial services. It also highlights the rise of hybrid models that combine digital infrastructure with assisted, in-person access, particularly in regions where digital adoption coexists with reliance on cash.
Anand Kumar Bajaj, Founder, MD and CEO, PayNearby, stated that the initiative extends UPI’s role from transactions to enabling access, allowing customers to withdraw cash through trusted local stores using a simple digital flow.
For retailers, the model is expected to increase footfall and generate additional income, while customers benefit from convenient access to cash without depending on ATMs or traditional banking channels.
Operating across more than 20000 PIN codes, PayNearby positions UPI Cashpoint as an extension of its branchless banking model, strengthening last-mile financial access in India.
Send news updates/press releases to: editor@thefoundermedia.com
