Finance

RuPay Card: OmniCard becomes 1st RBI licensed PPI to launch cash withdrawal across all ATMs PAN India

OmniCard has announced that it became the 1st RBI licensed PPI (prepaid payment instrument) to launch cash withdrawal using a RuPay-powered card from any ATMs across the country. The move came in after RBI permitted the non-bank licensed entities to enable cash withdrawals from the digital wallets.

OmniCard users can withdraw cash from any ATM at their convenience with full security from frauds like card theft, card cloning, and PIN skimming as the withdrawal facility comes with high safety & secure features andprotects the user from exposing their money and bank account details, an official statement said.

Commenting on the announcement, Nalin Bansal, Chief of Corporate, Fintech Relationships and Key Initiatives, NPCI stated, “We are happy to partner with OmniCard in this endeavour of creating a more expanded line of available payments experiences for the RuPay customers. Prepaid RuPay cards act as a boon in augmenting the customer’s financial inclusion, security, and convenience. With this initiative, customers will be able to withdraw cash from any ATM with their RuPay Prepaid cards. We look forward to continuing to innovate and partner with Fintechs for bringing more uses and driving the cashless payments ecosystem in India.”
in India.”

Sanjeev Pandey, Co-Founder & CEO, OmniCard, said, “OmniCard provides a compelling alternative platform for users today to keep their bank account safe where life savings are stored from cyber frauds using digital wallet linked with Rupay Card and UPI where the user can store money as per his spending needs. Cash withdrawal is an attempt to further enable customer needs in case of unforeseen spending requirements. I would like to thank RBI and NPCI for their direction and support.”

Abhishek Saxena, Co-Founder & COO, OmniCard, said, “We are proud to be the first PPI license holder to provide ATM cash withdrawal facility for users. Soon after RBI’s mandate, we have been working relentlessly with the NPCI team to enable the facility which is unique of its kind. Cash Withdrawal is a step closer to building an Omnichannel Spending Platform. Our vision is to empower every household in the country with OmniCard for their daily spending while providing a safe, secure, and rewarding experience.”

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