PhonePe permits customers to withdraw cash from shops
New Delhi: Along with WhatsApp, now Phonepe also permits digital ATMs. Besides, when the news about WhatsApp pay has gushed the market, in the meanwhile PhonePe has brought in its strategy. However, this came up with an ambition to operate cash withdrawal points across India.
Despite this, PhonePe has come up owned by more than half a million merchants with excess cash. So then, it could help out customers convert digital money into cash. Significantly, this can come in access through a “withdraw” button on the application. Besides, the basic idea came about to increase merchant engagement on its platform. So then, this can exist by creating a new value service for both local shop owners and consumers.
Also, as per an official of PhonePe, banks end up not finding it viable to operate ATMs. Hence, that remains the reason why ATMs stay dry out of cash. Especially, in tier 3 and 4 cities, the lack of availability of cash became a cause of concern.
Besides, one of the leading players in the payment space trusts that in the absence of Merchant Discount Rates (MDR). So then, this includes value-added services to existing business channels. Also, these act as a key to future growth in the competitive market with Google, Paytm, and now WhatsApp.