J&K Bank Introduces Virtual ATM Facility in Collaboration with Paymart India
In a strategic partnership aimed at enhancing banking convenience, J&K Bank has teamed up with Paymart India Pvt Ltd to launch a Virtual ATM (VATM) facility. This innovative service enables cardless cash withdrawals for customers through local retailers, particularly benefiting areas like Jammu & Kashmir and Ladakh where accessibility to traditional ATMs may be limited.
Customers can utilize the bank’s mobile application as a Virtual Card, with merchants using their smartphones as Virtual ATMs. This arrangement facilitates cash withdrawals without the need for physical cards. Upon initiating a withdrawal request, customers receive an OTP for validation, which they share with the merchant. Once verified, cash is dispensed, offering a seamless banking experience. Notably, this facility allows withdrawals of up to Rs 2000 per transaction, with a monthly limit of Rs 10,000.
Baldev Prakash, MD & CEO of J&K Bank, expressed enthusiasm about the partnership, highlighting its aim to empower customers with enhanced banking accessibility. He emphasized the bank’s commitment to leveraging technology to provide innovative solutions and convenience to its clientele.
Amit Narang, CEO of Paymart, emphasized the importance of this collaboration in addressing basic cash needs, particularly in rural areas with limited ATM access. He noted the potential of virtual ATMs in advancing financial inclusion and hinted at future expansions into digital lending services.
General Manager (S&IT) Imtiyaz Ahmad Bhat underscored the bank’s dedication to customer convenience. He highlighted how the partnership with Paymart brings cash withdrawal facilities virtually to customers’ doorsteps, eliminating the need to search for ATMs or travel long distances to bank branches.
The Memorandum of Understanding (MOU) sealing the partnership was signed during a ceremony attended by top executives from both J&K Bank and Paymart India Pvt Ltd. This event marked a significant step forward in providing innovative banking solutions to customers, particularly in underserved regions.
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