Digital Payments Platform PhonePe launched a unique feature called ‘PhonePe ATM’ on its platform. This new feature will help users in need of cash, can get instant money from merchants offering this facility.
PhonePe users 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.
Go to the shop, click on the withdraw button and transfer the required amount to the merchant via your PhonePe account. Once the amount is transferred, the merchant will give you the cash equal to the amount transferred, the company said in a statement.
As per now, a user can avail Rs 1000 a day from the merchant via this feature, and its launch in the Delhi-NCR region, to begin with.
“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,” said Vivek Lohcheb, Head of Offline Business Development, PhonePe.
PhonePe will not charge any amount from customers or merchants for availing of this service. The PhonePe new feature withdrawal limit for the customer will be the same as the limit set by their respective banks.
This feature will enable neighborhood stores to act as ATMs for the customers who cannot locate bank ATMs or reach an ATM out of cash.