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Now, withdraw cash from a retailer

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

Now, withdraw cash without going to ATM
BS Reporter Mumbai
Last Updated : Nov 18 2015 | 12:47 AM IST
You may soon not need an automatic teller machine (ATM) 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 Up to Rs 2,000 can be withdrawn from an account using this facility.

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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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First Published: Nov 18 2015 | 12:30 AM IST

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