Google Pay is a digital wallet platform and online payment system developed by Google to power in-app, online, and in-person contactless purchases on mobile devices, enabling users to make payments with Android phones, tablets, or watches. And this digital wallet platform has eased people’s most of the work by allowing transactions just at their fingertip and especially it has been comfortable to customers during this pandemic situation wherein they can easily transfer money to the required person without much delay and totally a reliable source.
Similar to Google Pay, there are other alternatives like Phone- Pay, Amazon Pay, Paytm, etc. PhonePe is an Indian digital payments and financial services company headquartered in Bangalore, India which is based on the Unified Payments Interface (UPI). Amazon Pay is an online payments processing service owned by Amazon which was launched in 2007, Amazon Pay uses the consumer base of Amazon.com and focuses on giving users the option to pay with their Amazon accounts on external merchant websites. Paytm is an Indian e-commerce payment system and financial technology company, based in Noida, Uttar Pradesh, India. All these digital wallet companies have a wide range of customers and control a large part of the market. Nowadays transactions taking place in such platforms have increased in comparison to cash transactions as people find it easier, simpler, suitable, and comfortable to their needs.
As there is high demand for such platforms and also people are cooperating with companies, these companies are updating their services. Like how recently, Google Pay has expanded its market base by allowing its customers and users in India and Singapore to transact cross-border transactions, which means now users in both India and Singapore can transfer their money through Google Pay to people living outside their country. This will have a few security points to be noted by its customers and by the way, these are fully trustworthy and reliable.
What are the new updates for e-wallet users like Phone Pay, Google Pay, and Amazon Pay? Can we withdraw money from Automated Teller Machines (ATMs)?
Similarly, Phone- Pay, Google Pay, Amazon Pay, or Paytm users can now be able to withdraw money from Automated Teller Machines (ATM)s. Till now, these mobile phone wallets were allowed only for transfer of money but now onwards they have started the facility of withdrawing money through Automated Teller Machines (ATM) as the Reserve Bank of India (RBI) has recently allowed mobile phone wallets for this kind of facility. After the introduction of this facility, customers of phone wallets no longer have to withdraw their money only through their debit or credit cards but can also do the same through either Google Pay or Amazon Pay or Paytm or Phone Pay.
As of the present date, only a few banks were allowing their customers to withdraw money without debit cards, that is, State Bank of India and ICICI but now Unified Payment Interface (UPI) has allowed this facility which will however come into force in April 2022 before which the customers will have to complete the Know Your Customer(KYC) procedure.
How much amount can be withdrawn at one time in Automated Teller Machines (ATMs) through their mobile wallet?
Once the withdrawal facility is opened for customers, they will be able to withdraw only Rs 2,000 from the Automated Teller Machines (ATM) through their mobile wallet at a time and it’s limit will be a maximum of Rs 10,000 at a time. Customers will also be able to deposit money through the Point Of Sale system. Currently, depositing is allowed only to debit and credit cardholders.