PhonePe, India’s leading digital payments platform announced the national launch of PhonePe ATM, a first of its kind service in the digital payments industry in India. The pilot of the new service launched in Delhi/NCR a fortnight ago will enable neighbourhood stores to act as ATMs for the company’s customers. The service has been enabled across 5 lakh offline shops across all the 300 cities where PhonePe is accepted nationally, informed Vivek Lohcheb, Head of Offline Business Development, PhonePe.
With the national launch, PhonePe is promoting a service that solves a real consumer problem. Customers are often inconvenienced due to the unavailability of banking ATMs in their vicinity or ATMs being out of order or short of cash. Now, a customer in need of cash can simply open the PhonePe app, go to the ‘Stores’ tab and click on the ‘PhonePe ATM’ icon to locate nearby shops offering this facility. Once they reach the nearest shop, customers just need to click on the ‘Withdraw’ button and transfer the required amount to the merchant via the PhonePe app.
Once the amount is transferred, the merchant will give the customer the cash equal to the amount transferred. There will not be any charges for customers or merchants to avail of this service. The withdrawal limit for customers will be INR 1000 per day per person.
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