PhonePe ATM: First of its kind! Now, withdraw money from your neighbourhood shop - Here is how

PhonePe on Thursday announced the launch of PhonePe ATM, a first of its kind service in the digital payments industry in India that would solve the real consumer problem. The pilot of the new service currently launched by India’s leading digital payments platform in Delhi-NCR will enable neighbourhood stores to act as ATMs for the company’s customers. This PhonePe ATM will enable Delhi-NCR residents to withdraw cash from the shops in their neighbourhood.

Commenting on the launch, Vivek Lohcheb, Head of Offline Business Development, PhonePe said, “In line with our vision of democratizing 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."

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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.