J&K Bank is shaking up the banking landscape in Jammu & Kashmir and Ladakh with the introduction of a Virtual ATM (VATM) facility. This strategic collaboration with Paymart India Pvt Ltd promises to enhance accessibility for customers, particularly in areas with limited traditional ATM reach.
Cardless Convenience at Your Fingertips
The VATM service streamlines cash withdrawals by removing the need for physical debit cards. Customers simply utilize J&K Bank’s mobile app, mpay Delight Plus, as a Virtual Card. Participating shopkeepers act as Virtual ATMs using their own smartphones. This innovative approach eliminates the need to carry plastic cards, ensuring a convenient and hassle-free banking experience.
Secured Transactions with Built-in Limits
Security remains a top priority. To ensure safe transactions, customers initiating a withdrawal request will receive a one-time password (OTP) for validation, which they share with the merchant. Once verified, the cash is dispensed. It’s important to remember that VATM withdrawals have a per-transaction limit of Rs 2,000 and a monthly cap of Rs 10,000.
Empowering Communities Through Financial Inclusion
J&K Bank’s MD & CEO, Baldev Prakash, expressed his enthusiasm for the partnership, highlighting its role in furthering the bank’s commitment to technological innovation for improved accessibility. This initiative holds particular significance for residents in J&K and Ladakh, where widespread ATM availability might be a hurdle. By bringing banking services closer to residents, the VATM program has the potential to empower these communities and bridge the gap for financial inclusion.
The VATM service marks a significant step towards a more digital and inclusive banking experience for J&K Bank’s customers. This innovative approach not only enhances convenience but also paves the way for a future where physical cards become a relic of the past.
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