RNFI and Jio Payments Bank Roll Out UPI QR-Based Cardless Cash Withdrawals Across India
In a significant move to boost financial inclusion, RNFI Services Limited, through its fintech platform Relipay, has announced the nationwide launch of a UPI QR-based cash withdrawal service in collaboration with Jio Payments Bank Limited. This initiative follows a successful pilot phase and aims to provide instant, cardless cash access to customers across urban, semi-urban, and rural regions of India.
How the Service Works
The service allows customers to withdraw cash seamlessly by scanning a UPI QR code at authorized outlets within RNFI's Business Correspondent (BC) network. Users simply need to scan the QR code, enter the desired withdrawal amount, and authenticate the transaction using their UPI PIN. Upon completion, the merchant dispenses the cash, offering a frictionless and assisted transaction experience.
Key Features and Benefits
Some of the standout features of this service include:
- Fast and Secure Withdrawals: Transactions are processed instantly through UPI QR scans, ensuring speed and security.
- Wide Availability: The service is accessible across authorized retail outlets in RNFI's extensive merchant network.
- No Card or Biometric Required: Eliminates the need for ATM cards or biometric authentication, simplifying the process.
- Seamless Integration: Works with all UPI-enabled applications for a consistent user experience.
Transaction limits have been set to ensure safety and convenience: a per-transaction limit of Rs. 5,000, a daily limit of Rs. 10,000, and a monthly limit of Rs. 50,000.
Executive Insights
Krishnakumar Daga, Chief Executive Officer of RNFI Services Ltd., commented on the launch, stating, "UPI has revolutionized digital payments in India, but access to physical cash remains crucial for millions, especially in rural and semi-urban areas. This service bridges that gap by leveraging the scale of UPI and the reach of our assisted network, enabling secure and seamless last-mile cash access."
Impact and Future Prospects
The rollout is expected to not only enhance customer convenience but also drive higher transaction volumes and deepen engagement within RNFI's merchant ecosystem. As UPI adoption continues to grow, QR-based cash withdrawals are anticipated to become a key assisted transaction channel, particularly in markets where physical cash is still essential.
This launch marks a significant expansion of RNFI's assisted digital banking offerings and strengthens its strategic partnership with Jio Payments Bank. It underscores the company's commitment to enabling last-mile financial access through innovative solutions.
About RNFI and Relipay
RNFI Services Limited is a fintech infrastructure company that facilitates last-mile financial access across India via its flagship platform, Relipay. The platform connects financial institutions with consumers through a nationwide assisted commerce network, offering a wide range of services including banking, payments, collections, insurance distribution, foreign exchange services, and digital financial solutions. By integrating technology, distribution, and financial partnerships, RNFI ensures the seamless delivery of essential financial services across all regions of India.
