InvestorQ : How can we do cash withdrawal from mobile wallets as RBI has now permitted?
Katherine Gonsalves made post

How can we do cash withdrawal from mobile wallets as RBI has now permitted?

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rhea Babu answered.
8 months ago
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In the monetary policy, RBI has allowed cash withdrawal from prepaid instruments like mobile wallets. This brings mobile wallets at par with bank accounts. However, wallets don’t have an account number and don’t have ATMs either. How does a user withdraw money from wallets at ATMs or pay at a merchant? Wallets will issue a prepaid card to their customers to withdraw money at ATMs and swipe at merchant stores.

The latest monetary policy has made it mandatory for PPIs to be interoperable. Under the new rules, wallets will joint UPI, then can transfer money to a bank account using UPI and in the final phase PPIs can issue cards. Some companies that volunteered have already started issuing cards. Once these cards are issued, it will be interoperable with existing bank ATM networks and can be used to withdraw cash.
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