Paymart India Pvt. Ltd., a pioneering fintech startup, is set to transform India's ATM landscape with innovative virtual, cardless and hardware-less cash withdrawal services. In a strategic move, Paymart has entered into partnerships with five of his prominent banks. IDBI Bank, Indian Bank, Jammu and Kashmir Bank, Karur Vyasa Bank etc. We will expand this groundbreaking service nationwide. The company is also in talks with four additional banks for further collaboration.
The virtual ATM service provided by Paymart aims to empower local merchants and transform them into essential hubs for cash withdrawals without the need for traditional ATM machines or other hardware. Through this service, customers can seamlessly withdraw cash from their accounts at a network of conveniently located merchants affiliated with Paymart. The process is quick and secure, and utilizes a simple OTP-based authentication system to ensure maximum security for your transactions.
While the virtual ATM service has been successfully piloted with IDBI Bank for over six months, Paymart will begin the pilot program with partner banks in February/March and roll it out in phases in April/May 2024. We plan to roll it out nationwide.
Mr. Amit Narang, Founder & CEO, Paymart India Pvt. Ltd.highlights the key benefits of this innovative service and says: With our relentless focus on improving efficiency and customer experience, strengthening financial inclusion, and ushering in a new era of branchless and digital banking, we are poised to revolutionize India's financial landscape. Our future-ready technology, combined with direct connectivity to banks' core banking systems, positions us as a versatile cardless switch, complementing existing card operators and creating a more comprehensive and accessible banking ecosystem. pave the way to ”
Paymart has also partnered with CSC e-Governance Services India Limited to further expand the reach of Paymart's virtual ATM services, leveraging over 500,000 locations across the country to facilitate cash payments.
Paymart's Merchant Aggregator Portal serves as a central platform that connects customers' mobile devices, banks, and merchants. This seamless integration allows bank customers to withdraw cash from anywhere in the country, revolutionizing access to financial services.
Innovative virtual ATM services not only address the critical shortage of traditional ATMs, but also offer myriad benefits to banks, customers, and merchants.
Benefits for banks:
- Extend your reach: Virtual ATMs allow banks to serve customers in traditionally underserved areas.
- Cost savings: Eliminates capital and maintenance costs associated with traditional ATM infrastructure.
- Reduced branch workforce: Virtual ATMs reduce reliance on physical branches for cash withdrawals, reducing operational burden.
- Efficient cash management: Banks can optimize cash utilization and reduce unused cash reserves.
Benefits for bank customers:
- Convenient access: Customers can withdraw cash from nearby stores, eliminating the need for long trips to bank branches or searching for ATMs.
- Seamless transactions: Withdrawals are hassle-free and secure, increasing your overall convenience.
Benefits for distributors/agents:
- Increased foot traffic: Franchisees experience increased foot traffic, driving business growth.
- Additional revenue: Merchants earn commissions on transactions, creating new revenue streams.
- Efficient cash handling: Virtual ATMs reduce idle cash held by merchants and optimize store operations.
As the world's largest cash economy, India stands to benefit greatly from this innovative approach to cash withdrawals. Only a tiny fraction of the vast population currently uses traditional ATMs, but Paymart's virtual ATM service is expected to bridge this gap and revolutionize access to financial services across the country. It has been.