Backing the government’s demonetisation move, Vodafone India has come up with a new “cash out” 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. Announcing the new scheme, Suresh Sethi, Business Head, Vodafone M-Pesa, said: “Vodafone M-Pesa customers do not need to stand in long queues outside ATMs and bank branches for cash. Our customers can visit any of the M-Pesa outlets and use the cash out feature to withdraw cash from their digital wallet at their convenience.”
Adding that the digital wallet can be digitally loaded via credit or debit card or net banking free of cost, he said, “The Vodafone M-Pesa wallet can also be used to shop online, pay bills and remit money to family and friends.” Customer who wish to withdraw money need to carry their identity proof to the nearest Vodafone M-pesa outlet and they will receive the amount “subject to availability.”
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.
Prime Minister Narendra Modi’s announcement of the demonetisation move on November 8 led to long serpentine queues outside banks and ATMs to withdraw money or get their old notes exchanged. Former prime minister and renowned economist Dr. Manmohan Singh said on Thursday that the move was ‘monumental mismanagement’ by the Modi government. He also said that though he did not disagree with the objectives behind the decision, the GDP of the country could shrink by 2 percentage points due to the implementation of demonetisation.