Walmart owned Phonepe has now launched a new service called PhonePe Digital ATM. Through this service, person can withdraw money from nearby PhonePe merchants. PhonePe has more than 5 lakhs merchant network across India. It is one of the leading UPI based payments apps in India.
PhonePe has recorded payment transactions worth $180m in the last financial year.
The app has 20mn daily users in India.
Over 5 Lakhs merchants are already geotagged for providing Digital ATM service in various cities in India.
There will not be any charges for customers or merchants to avail of this service.
The service is already piloted in the Delhi NCR area, and soon will be rolled out in other cities in India. It is an innovative solution catering to the cash market in India.
If you are in an urgent need of money, and can’t find any ATM nearby, you can use this facility and get instant cash from the PhonePe merchant.
How to use the PhonePe Digital ATM Service?
The service is very simple to use. You just have to follow below simple steps to get the money through PhonePe ATM.
- Open the PhonePe app
- Go to the Store tab
- Click on the PhonePe ATM icon
- It will automatically fetch the nearby store where you can get money
- Go to that shop
- Click on the “Withdraw” button
- Transfer money to the shop merchant via PhonePe app
- The Shop merchant will handover you the cash which you have transferred to his account.
You don’t have to pay any extra charges for availing this facility. Merchant will also not get any extra commission on this service. Merchant will not have to go to the bank for depositing the cash every day.
It is a unique solution in which both the customer and merchant will be benefited without paying or receiving any extra charges.
Benefits of PhonePe ATM Service
- Withdraw cash anytime, anywhere
- No dependency on your own bank’s ATM machine
- Instant Cash withdrawal with just one click
- No extra charges for withdrawal
Limitations of PhonePe ATM Service
- You can get the cash from the shop during its working hours only
- PhonePe cash is subject the cash available at the shop
There are good benefits to the merchants as well. As he doesn’t have to store money with him or to go to the bank for deposition. Secondly, there will be an increase in the footfall at the shop for availing this facility.
For PhonePe, it is a double benefit. One side offers a unique service of withdrawing cash at no extra charges. On the other side, it also helps its merchants by doing aways with extra cash and increasing footfalls at the store.
FAQs – PhonePe ATM
It is a service provided by the PhonePe to withdraw cash from any of the nearby PhonePe merchant’s shop.
The withdrawal limit is set to ₹ 5000 as of now.
No, you don’t need to share your bank details. Just transfer the money to the merchant via the PhonePe app.
No, the service is free of cost. You don’t have to pay any charges.
₹ 10000 is the monthly upper limit in the PhonePe app.
It is 100% secure and safe. In fact, it is one of the leading UPI based payment apps in India.
Conclusion:
With the increasing usage of digital currency, this digital ATM is unique and out of the box service launched by PhonePe. User doesn’t have to pay any extra charge for availing this service. This is the main benefit of this service. Let’s see how people will adopt this service and take its benefit.
I remember, Airtel Money has also launched this kind of service where the user can get the cash from the merchant’s shop. But that facility was chargeable to the customer.