New Delhi :
In a revolutionary move, Paymart India introduces a groundbreaking virtual ATM service, allowing users to withdraw cash directly from their trusted local shopkeepers, eliminating the need for conventional ATMs.
The Rise of Digital Payments: The Decline of Traditional ATMs
With the widespread adoption of Unified Payments Interface (UPI) for digital transactions,
carrying physical cash has become increasingly obsolete.
Many individuals now rely solely on their smartphones and internet connectivity for making payments, rendering debit and credit cards redundant.
However, the absence of ATMs in remote areas poses a challenge for those in need of cash.
How Does the Virtual ATM Work?
Paymart India’s virtual ATM service offers a seamless, cardless, and hardware-less cash withdrawal experience.
To withdraw cash, users simply need a smartphone, a mobile banking application, and an active internet connection.
Upon initiating a withdrawal request through the mobile banking app, users receive an OTP (One-Time Password) sent to their registered mobile number.
This OTP serves as authorization for cash withdrawal, which users can present to the participating shopkeeper to receive the desired amount of cash.
Convenience at Your Fingertips: Accessible Anytime, Anywhere
Through Paymart’s Virtual ATM network, users gain access to a comprehensive list of registered shopkeepers, complete with their names, locations, and contact details.
This service proves invaluable for individuals residing or traveling in remote areas where traditional banking infrastructure is scarce.
Expanding Accessibility: Partnerships with Leading Banks
Paymart has forged strategic partnerships with prominent banks such as IDBI Bank, Indian Bank, Jammu & Kashmir Bank, and Karur Vysya Bank to offer its virtual ATM service.
This collaboration ensures seamless integration with existing banking systems, enhancing accessibility and convenience for users across various regions.
Available in Select Cities: Making Cash Withdrawals More Accessible
Currently, the virtual ATM service is operational in select cities across Chandigarh, Delhi, Hyderabad,
Chennai, and Mumbai, with plans for further expansion in the near future.
Withdrawal Limits and Regulations
Users can withdraw a minimum of Rs 100 and a maximum of Rs 2,000 per transaction through the virtual ATM service.
Additionally, a maximum monthly withdrawal limit of Rs 10,000 is enforced to ensure security and regulatory compliance.
