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British Government to launch a new one Pound Coin at the end of March and scrap the current one by October

The new 12-sided coin will be legal from March 28

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One pound coin. Wikimedia commons

London, Jan 3, 2017: The British government will launch a new one pound coin at the end of March and scrap the current one by October. An announcement from the British Treasury on Sunday said the new 12-sided one pound coin would become legal tender on March 28 and the new coin would be produced by the Royal Mint in Wales, Xinhua news agency reported.

A total of 1.5 billion coins will be issued in the first minting.

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The new coin has been introduced to deter sophisticated counterfeiters who can now replicate the current coin, which has been in circulation for 30 years.

The new one pound has a distinctive 12-sided shape, recognisable even by touch and it is made of two metals, the outer ring is gold-coloured (nickel-brass) and the inner ring is silver-coloured (nickel-plated alloy).

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And if the coin is tilted it shows a latent image, like a hologram, which changes from a pound sign to the number one.

It will also feature the fifth coinage portrait of Queen Elizabeth II, the world’s longest-serving monarch who began her reign in 1952. (IANS)

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Digital Payments Platform PhonePe Unveils “PhonePe ATM” Facility With Unique Feature

The PhonePe ATM allows customers to withdraw cash without any hassle through trusted merchant partners

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PhonePe
A customer in need of cash can simply open the PhonePe app, go to the 'Stores' tab and click on the 'PhonePe ATM' icon to locate nearby shops offering this facility. wikimedia Commons

Digital payments platform PhonePe on Thursday launched a unique feature called ‘PhonePe ATM’ on its platform that will help users in need of cash can get instant money from merchants offering this facility.

A customer in need of cash can simply open the PhonePe app, go to the ‘Stores’ tab and click on the ‘PhonePe ATM’ icon to locate nearby shops offering this facility.

Currently, a user can avail Rs 1,000 a day from the merchant via this pilot feature, launched in the Delhi-NCR region to begin with.

Go to the shop, click on the ‘Withdraw’ button and transfer the required amount to the merchant via the PhonePe app. Once the amount is transferred, the merchant will give the customer the cash equal to the amount transferred, the company said in a statement.

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Digital payments platform PhonePe on Thursday launched a unique feature called ‘PhonePe ATM’ on its platform that will help users in need of cash can get instant money from merchants offering this facility. Pixabay

“The PhonePe ATM allows customers to withdraw cash without any hassle through our trusted merchant partners. It also helps merchants avoid the hassle of storing cash and making multiple trips to the bank branch to deposit their extra cash,” said Vivek Lohcheb, Head of Offline Business Development, PhonePe.

There will not be any charge for customers or merchants for availing this service. The withdrawal limit for customers will be the same as the limit set by their respective banks.

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The move will enable neighbourhood stores to act as ATMs for the customers who cannot locate bank ATMs or reach an ATM out of cash. (IANS)