UPI can not just move money digitally now but also bring cash to Indian users within minutes at a neighborhood store. The functionality is soon-to-be available via Ezeepay new UPI Cash-Out service.
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Ezeepay, a fintech platform offering various assisted digital financial services across India, today introduced the new UPI Cash-Out service. The feature allows customers to withdraw cash seamlessly through its network of over 500,000 banking outlets.
The service is scheduled to go live in the second week of April, in compliance with Reserve Bank of India (RBI) guidelines regarding withdrawal limits, risk management norms, AML safeguards, authorization practices.
With UPI Cash-Out service, Ezeepay customers will be able to use UPI to withdraw cash ranging from a minimum of ₹1,000 to a maximum of ₹5,000 per transaction, with a monthly withdrawal cap of ₹50,000. The service will be available across Ezeepay’s extensive network of agents and retail outlets, ensuring easy access to cash, which is vital for financial inclusion, particularly in semi-urban and rural areas.
To avail the service, users will be charged according to a nominal commission model, where each cash withdrawal transaction will carry a small fee, capped at ₹10 per transaction. The company aims ensuring affordability for users while also creating an additional income stream for agents and retail partners with such a system. For Ezeepay’s agent network, the feature is also expected to drive extra benefits in the form of higher footfall and recurring earnings, strengthening the company’s grassroots presence.
Commenting on the launch, Mr. Shams Tabrej, Co-founder & CEO, Ezeepay, said: “At Ezeepay, our mission has always been to bridge the gap between digital and physical financial services. With the introduction of UPI Cash-Out, we are empowering customers with a simple and secure way to access cash through their trusted neighborhood retailers. This service not only enhances financial convenience for users but also creates an additional income stream for our agents and retail partners, strengthening the overall ecosystem.”
The initiative aligns with the broader vision of enhancing digital financial inclusion in India, enabling users, particularly in underserved regions, to benefit from a seamless blend of digital and physical financial services. Other parts of this nationwide initiatives puzzle include digital ID (Aadhar), Common Service Centres (CSCs), business correspondent agent banking model, and different government schemes for small vendor support in transition to digital/physical financial model.
We have earlier reported that another Indian fintech platform, PayNearby has become the first Business Correspondent in India to roll out a fully integrated solution for cash withdrawals via UPI, expanding how users can access physical cash in a digital-first payments environment.
