RBI's New Policy Allow Cash Withdrawal Without ATM Cards

Having money in the Mobile Wallet but not being able to withdraw is literally a pain, isn't it? Many times, poor bank servers, low connectivity, or non-availability of ATM cards can put us in such situations. Even though the option of digital transaction is always there, sometimes we all need cash. To ease this problem, RBI has come with a decision. Now, mobile wallet users can easily withdraw cash from ATMs without using their debit cards.

Yes, this is now possible. Read further to know how users can withdraw money using a mobile wallet.

Upgrading Digital Wallets Through Interoperability

<figcaption class="pl-caption>via:sumHR

To facilitate the services, companies will issue cards to the users so that they can easily withdraw money without transferring it to banks. The cards will also be allowed at merchant stores and ATMs. This new step will be highly beneficial for those with no bank accounts.

For instance, students who don't have a bank account but want to save money for their study-related expenses will be highly benefited from this new decision. Parents will be saved from the money transfer to banks and maintaining a balance in their account. They can directly transfer the cash to mobile wallets.

Users will have to wait for this new service as interoperability of all PPIs will take time but one thing is sure that the future of digital transaction is definitely bright.

Security Concerns

Though this move is welcoming and highly fruitful for customers of all ages, there is a security concern, as well as not all wallet providers, are using top technologies to provide digital safety to the customers.

Data leakage and frauds will be a series of concerns thus companies will have to gear up their tech infrastructure.