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Now, withdraw cash from a retailer

By BS Reporter
Last updated on: November 18, 2015 08:48 IST
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Payworld has tied up with State Bank of India to operate this

Payworld has tied up with State Bank of India to operate the new facility

You may soon not need an automatic teller machine to withdraw money using a debit card.

A retailer would be able to give you your money.

Electronic processing platform Payworld has launched Payworld Cash Point -- a service that would help a user withdraw cash from selected retail establishments.

An authorised shopkeeper (say, a grocer or a pharmacist) would be able to use a Payworld app on his smartphone to swipe a user’s debit card.

Up to Rs 2,000 can be withdrawn from an account using this facility.

Payworld has tied up with State Bank of India to operate this.

Payworld plans to install these cash-out facilities at all retail outlets under its coverage. It would provide the technology and hardware for the retailers. Payworld is targeting Tier-III & -IV cities and rural areas.

Praveen Dhabhai, COO of Payworld, said: “Our initial plan is to launch the scheme with 500 retailers and gradually scale it up to over 5,000 by March 2016.”

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BS Reporter in Mumbai
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