Vodafone India will allow its 8.4 million-plus Vodafone M-Pesa customers to withdraw cash through their digital wallets from any of its over 120,000 outlets across the country.
“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, Vodafone M-Pesa, in a statement.
Unlike a Paytm or Oxigen, Vodafone M-Pesa is essentially a banking correspondent, which facilitates financial services on behalf of an equal or unequal financial institutions, that enables a customer to go to specified outlets and get cash of same worth.
Over 56 percent of these outlets are located in rural India.
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 reeling under the impact of demonetisation.
Apart from this, the M-Pesa wallet would also allow customers to recharge their phones, DTH services, pay their bills. The Vodafone M-Pesa App can be downloaded by both Vodafone and non-Vodafone customers. Vodafone also said that over 56% of these outlets were located in the rural India.
