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Cardless Cash Withdrawals are Powering the Indian Payment Industry

The pandemic played an important role in boosting India’s payments sector making digital payments ubiquitous across the nation. Micropayments via UPI have become the norm across the length and breadth of the country. This unprecedented digital transformation got a further fillip with the recent RBI directive on interoperable cardless cash withdrawals at ATMs using UPI.  A circular issued by the Reserve Bank of India (RBI) on May 19, 2023, stated, “All banks, ATM networks,…

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