Source: News Bharati English25 Nov 2016 11:18:36
New Delhi, November 25: Post demonetization, people are suffering to withdraw cash through banks and ATMs, standing in long queues which are still not reduced after two weeks. To support Prime Minister’s demonetization drive and to relive the stress of common man ‘Vodafone India’ has come up with a new facility for Vodafone M-Pesa customers who will now be able to withdraw cash from the 1,20,000 Vodafone M-Pesa outlets across the country.
Unlike a Paytm or Oxigen, Vodafone M-Pesa is essentially a banking correspondent, which facilitates financial services on behalf of financial institutions, that enables a customer to go to specified outlets and get cash of same worth.
To avail of the facility, customers need to carry an identity proof to their nearest Vodafone M-Pesa outlet from where they can withdraw money, subject to availability, in line with RBI guidelines. With at least 56% of M-Pesa outlets in rural areas, the company plans to extend the facility to its customers, who are struggling under the impact of demonetization.
“Vodafone M-Pesa customers do not need to stand in long queues outside ATMs and bank branches for cash. We have invested in building a nationwide network of over 120,000 M-Pesa outlets, equivalent to the numbers of bank branches in the country,” said Suresh Sethi, Business Head of Vodafone M-Pesa.
“Our customers can visit any of these outlets and use the unique cash-out feature of Vodafone M-Pesa to withdraw cash from their digital wallets at their own convenience. Further, our digital wallet too can be easily digitally loaded via credit/debit cards or net banking,” he added.