Money at your fingertips via QR: UPI-based cash withdrawals to expand; convenience for rural and urban users

Plans are underway in India to broaden UPI-based cash withdrawals beyond ATMs to over 2 million business correspondents, potentially simplifying access, especially in underbanked areas. While awaiting regulatory clearance, this QR-code system offers an alternative to biometric or ATM withdrawals. Concerns exist regarding operational and cyber risks for BCs, but the expansion could significantly boost financial inclusion.