Considering the need for hard cash, digital payments platform PhonePe has launched  ‘PhonePe ATM’ on its platform that will help users in need of cash can get instant money from merchants offering this facility.

Merchants offering this facility can be located via using PhonePe app, on which they can go to the ‘Stores’ tab and click on the ‘PhonePe ATM’ icon to locate nearby shops.

“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,” said Vivek Lohcheb, Head of Offline Business Development, PhonePe.

Currently, users based in Delhi-NCR region can withdraw Rs 1,000 per day from the merchant and the service can be availed for free of cost. The withdrawal limit for customers will be the same as the limit set by their respective banks.

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

The move will enable neighbourhood stores to act as ATMs for the customers who cannot locate bank ATMs or run into an out of cash ATM.

(With input from agencies)