Withdraw cash from your neighbourhood shops with PhonePe ATM
New service enables local shops accepting PhonePe to dispense cash to its users
Bengaluru: PhonePe, India’s leading digital payments platform today announced the launch of PhonePe ATM, a first of its kind service in the digital payments industry in India. The pilot of the new service currently launched in Delhi/NCR will enable neighbourhood stores to act as ATMs for the company’s customers.
With this new 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 the same as the limit set by their respective banks.
Commenting on the launch, Vivek Lohcheb, Head of Offline Business Development, PhonePe said, “In line with our vision of democratising digital payments for the masses, we have launched the PhonePe ATM service in Delhi/NCR. The PhonePe ATM allows customers to withdraw cash without any hassle through our trusted merchant partners. It also helps merchants avoid the hassle of storing cash and making multiple trips to the bank branch to deposit their extra cash. Additionally, this new launch will also drive more footfalls for our merchant partners. PhonePe ATMs are a great way to start getting consumers and merchants to start adopting UPI payments in large numbers.”