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Business News/ Companies / Start-ups/  Becoming a Blinkit for banking: PocketATM founders on financial inclusion, enabling doorstep banking
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Becoming a Blinkit for banking: PocketATM founders on financial inclusion, enabling doorstep banking

PocketATM intends to extend its services to tier 2 and tier 3 cities by encouraging merchants to exchange cash for customers using UPI transactions.

PocketATM founders Mihir Mehta and Sushil Kurri spoke about financial inclusion discussed financial inclusion through digital innovation. Premium
PocketATM founders Mihir Mehta and Sushil Kurri spoke about financial inclusion discussed financial inclusion through digital innovation.

MUMBAI:PocketATM, a fintech startup facilitating cash withdrawals from neighbourhood grocery stores, is expanding its customer base beyond senior citizens and people with mobility challenges.

"We are building doorstep banking at PocketATM via supply from neighbourhood stores instead of bank ATMs and branches, so essentially, we are elevating convenience," said Mihir Mehta, chief executive, PocketATM, at the Mint Digital Innovation Summit 2024.

Founders Mehta and Sushil Kurri spoke about financial inclusion discussed financial inclusion through digital innovation, highlighting how their doorstep cash delivery service, branded as 'Gharpe,' literally meaning at home, will attract more consumers.

"We want to become the Blinkit for banking," Mehta told Mint on the sidelines of the event on Friday.

Read This: Lending fintech firms face a profit puzzle

The startup, which raised $400,000 in February, plans to expand beyond metros. PocketATM intends to extend its services to tier 2 and tier 3 cities by encouraging merchants to exchange cash for customers using UPI transactions.

"While India has gone digital, the whole ecosystem is very cost heavy, and there is unorganized cash management, which is what we are trying to solve," said Mehta.

PocketATM is also targeting foreign tourists, partnering with Cheq, a UPI payments app for foreign tourists and non-resident Indians visiting the country, to facilitate cash withdrawals.

The fintech has incorporated advanced features such as geolocation and geotagging, enabling merchants to indicate their availability. The application also boasts a multi-language interface, offline functionality, and other features to cater to users from diverse backgrounds, including those in tier two and three cities.

Also This: Why do we need regulation for fintech firms?

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ABOUT THE AUTHOR
Pratishtha Bagai
I track the happening world of influencers and creators, covering one of the coolest beats at Mint- New Economy. I also monitor developments in the education and human resources sectors.
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Published: 24 May 2024, 06:42 PM IST
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