J&K Bank on Thursday announced its partnership with Paymart India Pvt Ltd to introduce a Virtual ATM (VATM) facility. The partnership aims to introduce cardless cash withdrawal for the Bank’s customers through their neighbourhood merchants.
The goal of the collaboration is to enhance banking convenience for its customers across its areas of operations especially in J&K and Ladakh. The move is to leverage technology to enhance banking accessibility and convenience for the bank customers.
“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,” said Baldev Prakash, MD and CEO, J&K Bank.
The bank’s customers would be able to avail this facility through its mobile banking app. The merchants would also need to have the bank’s app to initiate a cash withdrawal request. After that, the customer will receive an OTP for validation and sharing that with the merchant would complete the transaction.
It is to be noted that the Virtual ATM facility has a limit to the transaction amounts. For now, it enables consumers for a withdrawal of up to Rs 2,000 cash per transaction and a total of Rs 10,000 per month.
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