Customers often face inconvenience due to the non-availability of banking ATMs in their vicinity or a deteriorating ATM or shortage of cash. Digital payment platform PhonePe has announced the launch of PhonePe ATM, which will facilitate cash withdrawal for small shopkeepers. In a statement issued here, the company said that it would get started in Delhi / NCR on a small scale. Moreover, the new service will enable local stores to act as ATMs for the company’s customers.
PhonePay’s offline business development head Vivek Lohachab said that the phonePay ATM service would get started in Delhi / NCR in line with his vision of democratizing digital payments for the ordinary people. With this, PhonePe is promoting a service that will solve the real consumer problem. Above all, now those customers who need cash can only find the PhonePay ATM available in nearby shops on the Store tab of the PhonePe app.
Clicking on the ‘Withdrawal’ button of the app will transfer the desired amount to the concerned shopkeeper. After the amount will get moved smoothly, the merchant will give cash equal to the amount transferred to the customer. Moreover, there is no charge for customers or merchants to avail of this service. Also, the withdrawal limit for customers will be the same as the limit set by their respective banks.
There is no charge for customers or merchants to avail of this service. The withdrawal limit for customers will be the same as the limit set by their respective banks. However, with this new launch, PhonePe, which clashes with major digital payment services. These services include Paytm, Amazon Pay, and Google Pay. PhonePe has already mentioned that they are expanding a service that resolves a real customer problem. Now, a person in need of cash can open the PhonePe app, go to the store tab and click on the PhonePe ATM icon. This will locate nearby shops allowing this convenience.
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