PhonePe ATM: Withdraw cash from nearby shop

Bengaluru: Digital payment platform PhonePe on Thursday launched a unique feature on its platform called 'e PhonePe ATM', which will help users in need of cash, who can receive instant money from merchants offering this facility.

Customers in need of cash can only open the PhonePe app, go to the 'Tab Store' tab and click on the 'PhonePe ATM' icon to locate nearby shops offering this feature.

  Currently, the user can avail Rs 1,000 a day from the merchant through this pilot facility, which has been launched in the Delhi-NCR region to start.

  How to move?

  Go to the shop, click on the Withdraw button and transfer the required amount to the merchant through the PhonePe app.  Once the amount is transferred, the merchant will give cash equal to the amount transferred to the customer, the company said in a statement.

  “PhonePe ATM allows customers to withdraw cash without any hassle through our trusted merchant partners.  It helps merchants avoid the hassle of depositing cash and makes several trips to the bank branch to deposit their surplus cash, ”said Vivek Lohcheb, Head of Offline Business Development, PhonePe.

  Withdrawal Limit

  There will be no charge for customers or merchants to avail this service.  Withdrawal limit for customers will be the same as the limit set by their respective banks.

The move will enable neighborhood stores to act as ATMs for customers who cannot locate a bank's ATM or withdraw cash from an ATM.