Payment solution provider OmniCard has launched its cash withdrawal facility from any ATM through the e-wallet.
The company claimed that it has recently become the first RBI-licensed PPI (prepaid instruments) 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 wallet.
"OmniCard users can withdraw cash from any ATM at their convenience with full security from frauds like card theft, and card cloning, as the withdrawal facility comes with high safety and security features, and protects the user from exposing their money and bank account details," the company said in a statement.
Rupay-powered digital card
OmniCard enables users to create a Rupay-powered digital card in a few seconds, order their physical personalised card and pay using UPI QR codes across merchants.
"Users can create multiple cards for family members, track payments, analyse expenses and stay in control of all family spending," it added. Sanjeev Pandey, OmniCard Co-Founder and CEO said that they provide an alternative platform for users to keep their bank account safe where savings are stored from cyber frauds using digital wallets linked with Rupay Card and UPI.
"Cash withdrawal is an attempt further to enable customer needs in case of his unforeseen spending requirements," he said.
Abhishek Saxena, Co-Founder and COO said that soon after RBI's mandate, the company started work with the National Payments Corporation of India (NPCI) team to enable the facility. "Our vision is to empower every household in the country with OmniCard for their daily spends while providing a safe, secure and rewarding experience," he added.