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PhonePe introduced ATM facility, no fee will be charged for this

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.

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 of the PhonePe app. Clicking on the ‘Withdrawal’ button of the app will transfer as much money to the concerned shopkeeper as they want. 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). There are only 22 ATMs per 1 lakh people while in South Africa there are 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 past decade, the number of ATMs increased by 46,041 was recorded in 2013-14.

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