Even though we are shifting to digital payment options like GPay, Paytm, PhonePe, Amazon Pay, etc. but, the need for the cash is still there. How many times you have faced the situation that you are out of cash and even your nearby ATM is also facing the same? We are sure manier times. Sometimes even ATMs are not functional, this irritates most when you are in a need for urgent cash. But now, this issue is going to resolve soon.
PhonePe Launched PhonePe ATM
The digital wallet company PhonePe has launched the new service called PhonePe ATM. This service will help customers to withdraw cash from the nearby stores and shops. The service is initially started in New Delhi. PhonePe has added a Search button in their app. With the help of it, the users can find out the nearby stores that are offering PhonePe ATM. When you reach the store, you need to transfer the required amount to the merchant’s account through PhonePe and the storekeeper will hand over the exact amount of cash to you.
Will There Be Any Charges?
There will not be any extra cost involved to the merchant and also to the customer. The amount you transfer to the merchant, the same amount of cash you will receive without any additional costs involved. The withdrawal limit will also be the same that is set by the bank for the respective account and account holder.
Vivek Lohcheb, the Head of Offline Business Development told,
“In line with our vision of democratizing digital payments for the masses, we have launched the PhonePe ATM service in Delhi/NCR. It will 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,”
What Will Be The Impact
Honestly, this is looking interesting. As the users and customers will not have to face issues of cash crunches. But on the other hand, we also need to think that if stores will act like ATM’s, then they also have to keep lots of cash with them. This will also lead to keep additional securities at the stores as well because this service may attract the act of robberies.
What do you think about this service of PhonePe? Do you find it helpful and interesting? Let us know in the comments below.