On Thursday, the money management firm INDmoney said that investors will now be able to instantly withdraw money from their stock trading accounts on the site using UPI.
By guaranteeing real-time transaction settlements, the feature increases liquidity by allowing customers to withdraw their money into savings accounts instantaneously, even if they are trading that same day. This solves a major issue for stock investors.
Investors can take out as much as Rs 1 lakh on the same day thanks to this facility. Regardless of their trading activity, investors will receive quick withdrawals into their bank accounts.
“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.
On trading days, the “Instant Withdrawal” service is first made available from 8 a.m. to 5 p.m. The business intends to expand this service to a 24-hour operation in the upcoming months.
Zerodha, an online brokerage platform, said in May that users would be able to instantaneously withdraw up to Rs 1 lakh per day, free of charge, between 9 a.m. and 4 p.m.
The government has been pushing UPI as a platform for international payments. In an effort to draw in Indian clients, businesses in the United Arab Emirates (UAE) are now taking payments via UPI in rupees.
One of the largest retailers in the United Arab Emirates, Lulu, has begun allowing its patrons to pay with UPI at all of its locations.
In the UAE, Point of Sale (POS) devices allow Indian nationals and residents to conveniently make payments using QR codes.
The number of Indian tourists visiting the Gulf Cooperation Council (GCC) is projected by the NPCI to reach 98 lakh by 2024. It is estimated that 53 lakh Indians will travel to the UAE alone.
Nepal, Sri Lanka, Mauritius, the United Arab Emirates, Singapore, France, and Bhutan all formally accept UPI.
In July, UPI-based transactions increased by 35% YoY (year over year), totaling Rs 20.64 lakh crore as opposed to Rs 20.07 lakh crore.
