Fintech Startup ‘Paymart’ Partners With Five Indian Banks For Virtual ATM Service [Current Affairs]
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Paymart, a fintech startup, announced its partnership with five Indian banks to introduce a groundbreaking virtual, cardless, and hardware-less cash withdrawal service. The partnered banks include IDBI Bank, Indian Bank, Jammu & Kashmir Bank, and Karur Vyasa Bank, with discussions underway with four additional banks for further collaboration.
Technological Advancements
- Paymart boasts future-ready technology and direct connectivity to banks’ Core Banking Systems, positioning itself as a versatile Cardless Switch.
- Amit Narang, Paymart’s founder and CEO, emphasized the significance of their technology in creating a more inclusive and accessible banking ecosystem.
Pilot Programs and Nationwide Rollout
- The startup plans to commence pilot programs with its partner banks in February/March, paving the way for a phased nationwide rollout scheduled for April/May 2024.
Successful Pilot with IDBI Bank
- Paymart conducted a successful pilot of its virtual ATM service with IDBI Bank over a period of six months, validating its effectiveness and reliability.
Empowering Local Shopkeepers
- Paymart’s virtual ATM service aims to empower local shopkeepers by transforming them into essential hubs for cash withdrawals, eliminating the need for traditional ATM machines or additional hardware.
Expansion through Partnerships
- Paymart also announced a partnership with CSC e-Governance Services India Ltd to further expand the reach of its virtual ATM service, ensuring broader accessibility and convenience for users.
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