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MUMBAI — Money management startup INDmoney on Thursday announced UPI-based instant withdrawals for investors from their stock trading accounts on its platform.
The feature enables users to withdraw their funds into their savings accounts instantly, even if they are trading on the same day, addressing a key problem for stock investors while boosting liquidity by ensuring real-time trade settlements.
The feature allows investors to withdraw money up to INR 1 lakh on the same day. Investors will get instant withdrawals in their bank accounts regardless of their trading activity.
“Instant Withdrawals aligns with our commitment to simplifying financial management and ensuring our users have immediate access to their funds when they need it the most,” said Ashish Kashyap, Founder of INDmoney.
The ‘Instant Withdrawal’ service is initially made available from 8 a.m. to 5 p.m. on trading days. In the coming months, the startup plans to extend this service to operate 24x7.
In May, online brokerage platform Zerodha announced to let customers instantly withdraw up to INR 1 lakh daily between 9 a.m. and 4 p.m., at no additional cost.
The government has been promoting UPI as a global payment platform. Merchants in the United Arab Emirates (UAE) are now accepting payments via UPI in rupees to attract Indian customers.
One of the biggest retail companies in the UAE, Lulu has started giving customers the option to accept payments through UPI in all its stores in the country.
Indian citizens and NRIs in the UAE can easily pay through QR codes through Point of Sale (POS) machines.
According to the NPCI, the number of Indian travellers in the Gulf Cooperation Council (GCC) is estimated to reach 98 lakh in 2024. Around 53 lakh Indians are likely to reach UAE alone.
UPI is officially accepted in Nepal, Sri Lanka, Mauritius, UAE, Singapore, France, and Bhutan.
The UPI-based transactions surged 35 per cent on a YoY (Year on Year) basis in the month of July, reaching INR 20.64 lakh crore against INR 20.07 lakh crore.