The world has been in the process of getting habitual to digital payment practices such as Google Pay & Paytm but it seems as if the history is repeating itself once again and we are being provided with a way where we can withdraw and use cash easily, too.
PhonePe recently launched its newly invented service named PhonePe ATM that can help customers to withdraw money from the shops or stores around them. This scheme is currently being implemented in Delhi-NCR.
PhonePe added a search button in their application where a user can find the nearby shops offering PhonePe ATM with a single tap. Once they reach the shop, they can transfer the required amount to the merchant’s account (via PhonePe) and he will hand over the exact amount in cash to the person.
The whole procedure will not cost extra money or charges to the merchant or the customer. The limitation on withdrawal of money will be the same set by their very bank with which they have their respective account.
“In line with our vision of democratizing digital payments for the masses, we have launched the PhonePe ATM service in Delhi/NCR. 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. Additionally, this new launch will also drive more footfalls for our merchant partners. PhonePe ATMs are a great way to start getting consumers and merchants to start adopting UPI payments in large numbers,” quoted Vivek Lohcheb (Head of Offline Business Development at PhonePe).
This new point of viewing the ATMs looks very interesting. There is a possibility that the service can give a tough competition to other ATMs where online digital payments have already taken the thunder away from Credit/Debit Card payments.
On the other hand, if the shops are going to act like ATMs, they will surely have to keep a lot of liquid cash in their shops that can bring a situation of attracting thieves and robberies. Well, anything can happen but we can wish for the best!
What is your take on this idea? Do you think it has the potential to flourish?