Jio Payments Bank Ltd (JPBL), a wholly-owned subsidiary of Jio Financial Services Ltd, has introduced a UPI-based cash withdrawal facility, enabling customers to access cash seamlessly through its business correspondent (BC) network.
Bridging Digital Payments And Cash Access
The newly launched feature allows users, particularly in rural and semi-urban areas, to withdraw cash by simply scanning a UPI QR code at BC touchpoints and authorising the transaction via their UPI application. The solution eliminates the need for debit cards or access to traditional ATM infrastructure, making cash withdrawal more accessible and convenient.
By enabling cardless transactions at the last mile, JPBL aims to bridge the gap between digital payments and physical cash requirements, especially for users who are transitioning to digital financial services.
Driving Financial Inclusion Through Assisted Digital Adoption
The initiative is designed to support first-time and assisted digital users by offering a secure and easy-to-use UPI experience. Leveraging its extensive BC network, the bank is enabling customers to adopt digital payment mechanisms while still meeting their cash needs.
This move is expected to further strengthen the reach of UPI among cash-dependent segments, while expanding access to formal banking services across underserved geographies.
Leveraging Digital Infrastructure And BC Network
JPBL continues to build on its digital payments infrastructure and last-mile connectivity to scale accessible banking solutions. The rollout of UPI-based cash withdrawal underscores the bank’s focus on enhancing convenience, security, and inclusivity in financial services delivery.
Jio Financial Services Ltd operates as a core investment company registered with the Reserve Bank of India and offers a full-stack financial services ecosystem through multiple customer-facing subsidiaries, including lending, insurance broking, payments, leasing, and digital financial platforms.
The company has also expanded its presence through strategic partnerships, including a joint venture with BlackRock for asset and wealth management services, and a collaboration with Allianz Group to establish reinsurance operations in India.