Axis Bank to offer cash withdrawals at retail stores
16 Feb 2011
Axis Bank today said it has launched the 'Everywhere Teller Machine' (ETM) service in Vijaywada, Andhra Pradesh wherein debit card users can withdraw upto Rs1,000 in cash per day from a point-of-sale (POS) terminal at select merchant outlets.
In the first phase of roll-out, Axis Bank has tied-up with 120 merchants to offer this facility and plans to tie-up with 500 merchants across Andhra Pradesh by the end of March 2011.
''As of now the facility of cash withdrawal using plastic cards is available only at automatic teller machine (ATMs) and certain EDC terminals installed at financial institutions exclusively for cash withdrawal.
''ETM's will ease the process of withdrawing cash for the customers when an ATM facility is not available nearby,'' said M V Subramanian, president - business banking, Axis Bank.
The bank plans to roll out this service in Maharashtra, Tamil Nadu, Karnataka, Kerala, and Gujarat in this fiscal and expects to cover all states by the end of next fiscal year.
''The ability to offer cash has been welcomed by merchants as the facility promises greater customer footfalls at their outlets, which may in turn translate into possibilities of higher turnover'' Subramanian added.
Axis Bank has over 180,000 POS terminals deployed across India. The ETM service will initially be available at Axis Bank EDC Machines installed at select merchant outlets.
The bank further said that other bank debit card holders can also avail the service for which they would be charged up to Rs10 per transaction.
