- PhonePe is an Indian Digital payment platform, India. It was founded in December 2015
Digital payment platform PhonePe has announced the launch of PhonePe ATM. The company has issued a statement saying that it has been started in Delhi-NCR on a small scale. Under the new service, shopkeepers will act as ATMs for the company’s customers. There is no charge to customers for availing this service.
What is Phonepe?
The Phone-Pay app is a mobile payment app, which offers a variety of payment options according to your different needs. The purpose of the phone-pay mobile wallet is to make digital payments easy and secure. It is a UPI based app that works very fast. You can use Phone-Pay Mobile Wallet as a wallet, and pay directly through your bank account, credit card and debit card.
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How will This PhonePe ATM Work?
Now those customers who need cash can only find the PhonePay ATM available in nearby shops on the Store tab on the PhonePe app. Clicking on the ‘Withdrawal’ button of the app will transfer as much money to the concerned shopkeeper as they want in cash. After the amount is transferred, the merchant will give cash equal to the amount transferred to the customer. Customers will be able to withdraw 1 thousand rupees a day through this facility.
India is The Lowest Among BRICS Countries
According to the International Monetary Fund (IMF), India has the lowest number of ATMs in the BRICS countries (Brazil, Russia, India, China and South Africa). It has only 22 ATMs per 1 lakh people, while South Africa has 68 ATMs, China 81 and Brazil 107. Among the BRICS countries, Russia has the highest 164 ATMs per 100,000 people. This figure is 2017 for other countries except China, this figure is 2016 for China.
4,856 ATMs Reduced in 2018-19 Business Year
According to a report, where the number of ATMs decreased by 1,302 in 2017-18, it decreased by 4,856 in 2018-19. In the past 8 years, the number of ATMs in the country was continuously increasing. In the last decade, the number of ATMs increased by 46,041 was recorded in 2013-14.
