Digital payment platform PhonePe has taken a major initiative towards digital transactions. The company has launched PhonePe ATM, which will reduce the cash problems of people in small cities. However, at present, PhonePe has said to start this facility in Delhi-NCR.
Actually, the customers of PhonePe will get the facility to withdraw cash from the shopkeepers near them. The company says that it has been started in Delhi-NCR on a small scale first. Through this service, people can go to any shop in the neighborhood and get cash.
When the common man often reaches to withdraw cash at the ATM, sometimes the cash gets exhausted in the ATM and sometimes the ATM gets spoiled. People are inconvenienced by not getting cash. Now those customers who need cash can only find the PhonePe ATM available in the nearby shops on the Store tab of the PhonePe app.
After clicking on the 'Withdrawal' button of the PhonePe app, the shopkeeper of the nearest shopkeeper will have to transfer the amount. After the amount is transferred, you can take that amount of cash from the shopkeeper.
Withdrawal limit for customers will be the same as the limit set by their respective banks. There is no charge for customers or merchants to avail this service. That is, the transaction will be free from both sides. Withdrawal limit for customers will be the same as the limit set by their respective banks.
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