PhonePe has now launched an ATM service for its users from which anyone who needs cash can withdraw the money from their bank account in a few simple steps and by visiting the nearest PhonePe ATM. The ATM service is a very attractive concept that will lead to creating competition with other payment giants like Paytm, Amazon Pay, Freecharge, etc.
What Is PhonePe ATM
PhonePe ATM is the unique feature of PhonePe which was released on Thursday, 23 January 2020. This feature is currently rolled out for the user of the Delhi/NCR region on a trial or pilot basis. By this, our nearby stores will act as ATMs and we can withdraw money directly from our bank account. PhonePe helps us to find and call the nearest PhonePe ATM location directly from the app.
Basically what happens when we need money, simply go to the nearest ATM and withdraw money from our bank account using an ATM card. But with the help of PhonePe ATM customers can withdraw cash without any hassle through the registered merchant.
A great initiative for getting customers and merchants that will lead to an increase in the number of UPI transactions.
You can also watch our video on how to find PhonePe ATM near me.
How To Withdraw Cash From PhonePe ATM
This process is as simple as withdrawing the money from the ATM. For some users, this will be more convenient as compared to the normal bank’s ATM. PhonePe helps you to find the nearest stores from which you can withdraw the money when your bank atm is not working due to any conditions.
Step 2: Now tap on stores located at the bottom of your screen.
Step 3: Now you need to tap on PhonePe ATM to withdraw the cash from the nearest PhonePe trusted merchant.
Step 4: At this step, you can see all PhonePe ATM merchants near me with their shop address, approximate distance from your location, and open/closed status of the outlet.
Step 5: After selecting the merchant according to your suitability you need to visit the stores to withdraw the money from your bank account. You can also see a note that this outlet is a PhonePe ATM. Simply click on Withdraw Cash.
Step 6: Now you need to pay the amount which you wish to withdraw and make payment. As of now, there is only UPI methods are available for availing this feature. Once the money is successful transfer, show it to the merchant and collect the cash.
Things To Remember
I have listed some important points that you need to consider while using the PhonePe ATM service.
- Before making the payment to the merchant you want to withdraw the money using PhonePe ATM.
- You can transfer money using UPI. There are no other payment methods are available as of now.
- PhonePe does not charge any amount from the user and merchant for this service.
- As of now, the withdrawal limit is Rs 1000 per day.
Benefits For PhonePe Users
There are lots of benefits of this unique service launched by digital payment giants.
- No transaction fees will be applied like bank charges money after some limit.
- Withdrawal limits are the same as set by their bank.
- If your nearest ATM is not working due to any conditions like out of service, no money in ATM, and many more then you can use this.
- No need to carry ATM for withdrawing cash.
- You can easily locate any nearest ATM directly from the PhonePe app.
- There are already 70,000 merchants are registered for providing the ATM service.
Benefits For PhonePe Merchants
PhonePe is not the first platform to launch the ATM service many other giants have already launched this service on their outlets.
- Any merchant can sign up or register for the ATM on the PhonePe Business app.
- No charges for registering for PhonePe ATM.
- Every merchant has the option to enable or disable the ATM service at any time.
FAQ (Frequently Asked Questions)
A PhonePe QR code is a barcode that can only be readable by smartphones. You can generate your own QR code by following this method. QR code stands for Quick Response Code is a type of 2D bar code that is often used to receive money in many digital wallets like Paytm, Mobikwik, Google Pay, Amazon, etc.
Note: No need to enter any details while sending money like Phone Number, Bank Account details.
PhonePe is a BHIM UPI-based app to provide digital payments or cashless. PhonePe is a mobile wallet, we can use it for availing of the available services. Some of the services are, Electricity Bill Payment, Water Bill Payment, Buy Gold, Sell Gold, Metro Recharge. There are two ways of sending money to a bank account.
1. Send money to your own bank account.
2. Send money to someone’s bank account.
You will get a Blue verified tick in your profile section if your KYC is completed. And if you didn’t get the Blue verified tick in your profile section it means your KYC is not completed. Now the first step is to complete KYC. There are a few steps which are to be followed to check the KYC is completed or not.