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Popular UPI and mobile wallet app PhonePe was launched in 2016 and has come a long way since then. It is no longer only a wallet app and now offers several functions including ordering food, fee payment, gold purchase and more.
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PhonePe recently added a new feature that will allow users to withdraw cash from their bank accounts without using a card. The PhonePe ATM is a digital ATM wherein the company has partnered with merchants to allow users to withdraw cash.
The PhonePe ATM feature was introduced earlier this month and is still being rolled out. It is to be noted that this service is completely free, and the user will not be charged anything for using this service. The withdrawal limit will depend on the limit set by your respective bank.
How to withdraw cash from PhonePe ATM
Open the PhonePe app on your device.
At the bottom, click on the ‘Stores’ tab.
Now, click on the ‘PhonePe ATM’ icon.
Then, click on ‘Withdraw now’.
Select a store from the available stores’ and then click on ‘Withdraw Cash’.
Now, in the currency box, enter the amount you want to withdraw.
Select the bank account from which you want to debit or withdraw the money.
Now, click on ‘Pay to Withdraw’ and enter your PIN.
Now, go to the store that you had selected and collect the cash.
Commenting on the launch of the PhonePe ATM service, 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.”
According to a press release, PhonePe has over 9 million registered partners across 300 cities in India. It also has over 185 million registered users, out of which 66 million are reportedly active.
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With widespread acceptance across merchants, PhonePe ATM has the potential to become a bridge between users as well as the merchants who wish to save a visit to the bank for cash deposits. Increased footfalls in merchant stores could also help them generate sales from PhonePe ATM users, making it a win-win for all the parties involved.
