Digital-payment service PhonePe has launched a new service called ‘PhonePe ATM.’ The service will allow users to send money to the merchants and in return, they get cash equivalent to the amount from merchant.
PhonePe claims that nearly 75000 merchants already signed up for the service. Users looking for quick cash can login to the app and click on the ‘Store Tabs–>PhonePe ATM’ to locate the merchant who offers the service. The service is only launched in Delhi-NCR as a pilot project. users can withdraw up to Rs. 1,000 daily.
How to use the feature
Login into the app
Head to the Store tabs–> PhonePe ATM to locate the nearby shops who offer the facility
Go to the shop and click on withdraw button
Transfer the amount to the merchant and in return merchant will give you the cash amount equal to your transferred amount
Currently, the company is not charging any transaction charges from customers and merchants. Merchants will also disable the service if they don’t want to use it.
Vivek Lohcheb, Head of Offline Business Development, PhonePe, said, “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.”