J&K Bank partners with Paymart India Pvt Ltd to launch an innovative Virtual ATM (VATM) facility, boosting banking convenience for consumers across its operations, particularly in J&K and Ladakh. The collaboration aims to introduce cardless cash withdrawals for the Bank’s customers through local retailers.
In this facility, the customer’s smartphone running the Bank’s mobile application serves as the Virtual Card, while the merchant’s smartphone serves as the Virtual ATM. When a cash withdrawal request is initiated, consumers will receive an OTP for validation, which they can share with the agent or merchant. Once validated, cash will be dispensed to the customer, resulting in a convenient banking experience.
Notably, the VATM option would allow consumers to withdraw up to Rs 2000 cash per transaction, for a total of Rs 10,000 per month.
Expressing delight about the partnership, Baldev Prakash, MD & CEO, J&K Bank said, “This partnership aims to empower J&K Bank customers with seamless access to cash withdrawal services through the mobile banking application, mpay Delight plus. It marks a significant step forward in J&K Bank’s commitment to leverage technology to enhance banking accessibility and convenience for its valuable customers.”
“Since Virtual ATMs represent the future of banking, this partnership with Paymart India underscores our commitment to staying ahead of the curve in providing innovative solutions for our customers. As we embrace this technology, we foresee the role of virtual ATMs in enhancing financial inclusion by going beyond cash withdrawals to encompass digital lending. Moreover, reaffirming our dedication to serving communities with convenience and accessibility, we are exploring avenues to extend this facility to our Banking Correspondents.” he added.
Commenting on the collaboration, Amit Narang, CEO, Paymart stated, “With a plan to enter the J&K market, J&K Bank was the best choice we had for a tie-up. Through this partnership, basic cash requirements of people will be catered particularly in rural areas where ATMs are not available and people need to travel long distance to bank branches.”
Speaking on the occasion, General Manager (S&IT) Imtiyaz Ahmad Bhat remarked, “We always strive for convenience for our customers. With this tie-up with Paymart, our customers have cash withdrawal facility virtually at their doorsteps. They wouldn’t have to search for ATMs and travel long distances to Bank branches/ATMs. So they will have the convenience of cash withdrawal while shopping itself.”
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The Memorandum of Understanding (MOU) was signed during a ceremony presided over by Baldev Prakash, the Bank’s MD and CEO. CEO Amit Narang signed the MoU on behalf of Paymart India Pvt Ltd, while General Manager Imtiyaz Ahmad Bhat signed it during the event, which was also attended by the Bank’s General Managers Ashutosh Sareen and Narjay Gupta, DGM Muzaffar Wani, Director Paymart India Pvt. Ltd. Jyoti Narang, and other senior executives from both organisations.
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