Bengaluru, 09 February 2024 – Paymart India Pvt. Ltd., a pioneering Fintech startup founded by former PhonePe CEO Amit Narang, is set to redefine the ATM landscape in India with its groundbreaking Virtual, Cardless, and Hardware-less Cash Withdrawal service. In a strategic move, Paymart has secured partnerships with five leading banks, including IDBI Bank, Indian Bank, Jammu & Kashmir Bank, and Karur Vysya Bank, with discussions underway for collaboration with four additional banks.

The News:

Paymart’s Virtual ATM service aims to revolutionize cash withdrawals by transforming local shops into essential hubs for this purpose. The service eliminates the need for traditional ATMs or hardware, allowing customers to seamlessly withdraw cash from their accounts at conveniently located merchant networks affiliated with Paymart. The process is swift, and secure, and employs a simple OTP-based authentication system for transaction safety.

Paymart has strategically partnered with five banks, including IDBI Bank, Indian Bank, Jammu & Kashmir Bank, and Karur Vyasa Bank. The innovative service has undergone successful pilot programs with IDBI Bank and is slated for pilot launches with other partner banks in February/March. A phased nationwide rollout is expected by April/May 2024.

In a bid to expand its reach, Paymart has collaborated with CSC e-Governance Services India Limited, leveraging over 5 lakh locations nationwide to facilitate cash payouts through its Virtual ATM service.

Amit Narang’s Vision:

Amit Narang, Founder & CEO of Paymart India Pvt. Ltd., shared the significant benefits of the Virtual ATM service, stating, “As we embark on this journey to redefine accessibility and efficiency in banking services, Paymart is proud to introduce our Virtual ATM service. With a relentless focus on enhancing efficiency and customer experience, empowering financial inclusion, and ushering in a new era of branchless and digital banking, we are poised to revolutionize the financial landscape of India.”

Paymart’s collaboration with CSC e-Governance Services India Limited is aimed at leveraging over 5 lakh locations nationwide to further expand the reach of its Virtual ATM service, facilitating cash payouts.

Paymart’s Virtual ATM service addresses the shortage of traditional ATMs and offers various benefits for banks, customers, and merchants alike.

Benefits for Banks:

• Expanded Reach: Virtual ATMs enable banks to serve customers in previously underserved areas.
• Cost Savings: Elimination of capital and maintenance costs associated with traditional ATM infrastructure.
• Reduced Branch Footfall: Virtual ATMs decrease reliance on physical branches for cash withdrawals, easing operational burdens.
• Efficient Cash Management: Banks can optimize cash utilization and reduce idle cash reserves.

Benefits for Bank Customers:

• Convenient Access: Customers can withdraw cash from nearby shops, eliminating the need for long trips to bank branches or ATM searches.
• Seamless Transactions: Withdrawals are hassle-free and secure, enhancing overall convenience.

Benefits for Merchants/Agents:

• Increased Foot Traffic: Affiliated merchants experience higher customer footfall, 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, optimizing store operations.

In Conclusion:

As India, with its vast population, stands as the world’s largest cash economy, Paymart’s innovative Virtual ATM service holds the promise of bridging the gap and revolutionizing access to financial services across the country.