India, March 31 -- While UPI has transformed digital payments in India, access to physical cash remains essential, particularly in semi-urban and rural areas. To address this gap, PayNearby has introduced 'UPI Cashpoint', a service that enables customers to withdraw cash using a UPI QR code at nearby retail stores, without requiring a debit card or Aadhaar authentication.

With this service, customers can use their smartphones to scan a UPI QR code at a local store, enter the withdrawal amount, authenticate the transaction, and receive cash instantly.

PayNearby has rolled out the service in partnership with IndusInd Bank, which provides the backend infrastructure for UPI-based cash withdrawals across its retail network. The model allows ...