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PhonePe to create world's biggest ATM network of 2 mn in India by year end

A week ago Sameer Nigam-led PhonePe launched its own ATM, a first of its kind service in India that enables neighbourhood stores to act as ATMs for PhonePe users

Peerzada Abrar  |  Bengaluru 

PhonePe says it will by the end of this year create an Automated Teller Machine (ATM) network of 2 million, helping the Walmart-owned service to fight rivals Alibaba-backed Paytm, Google Pay and Amazon Pay as they compete in India’s crowded digital payments market. The service—billed as India’s first and world’s largest—enables neighbourhood stores to act as ATMs for PhonePe users.

It had a pilot run in Delhi-NCR and is now being rolled out across 500,000 shops in 300 cities. Subscribers use the PhonePe app to locate shops offering the ATM service and ...

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First Published: Fri, February 07 2020. 10:42 IST
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