PhonePe now allows customers to withdraw cash using UPI

NEW DELHI : You can now use the government’s Unified Payments Interface (UPI) to convert money in your account to cash. UPI-based payments platform, PhonePe, has announced a new PhonePe ATM feature, which allows customers to send money to a merchant using PhonePe and take cash from them for the same amount.

The feature went live on the platform yesterday. According to PhonePe, over 75000 merchants have signed up for the service in Delhi/NCR at the moment. The service is live only in the National Capital Region right now, but the company says it plans to scale it up based on customer response from this pilot process.

Any merchant can sign up to be an ATM on PhonePe, using the company’s PhonePe for Business app. The platform also lets them enable or disable the service at will, allowing them to ensure they have enough cash flow. However, consumers can only withdraw Rs. 1000 per day using this service.