Do you also feel that one does not have to find an ATM to withdraw cash? You don’t have to run around and you can get the money from a nearby shop. Now this can happen. You just need mobile and OTP and you will get cash. Know what is this service and how can you use it..
Virtual ATM: Nowadays, making payment through Unified Payments Interface (UPI) has become the most famous option in the country. This is why most people no longer carry cash. To make online payments, all they need is a smartphone and internet connectivity. Due to getting payment service through mobile, many people do not carry debit and credit cards with them because UPI is eliminating the need for all these. Debit or credit card is required when money has to be withdrawn from ATM or a large amount has to be paid. When you are in an area where there is no ATM and need cash, what will you do? In such a situation, most people think that they wish they could take cash through mobile from any shopkeeper without ATM. Understanding this need of the customers, a fintech company is providing virtual ATM service. Paymart India is offering such a service in which you can withdraw cash from any shopkeeper using your phone.
Paymart India says that now you can take money from any shopkeeper using your mobile. The Chandigarh-based fintech company is offering a virtual, cardless and hardware-less cash withdrawal service. The best thing about this service is that you do not need to go to ATM or remember your card PIN to withdraw cash.
To withdraw money using this virtual ATM, you just need a smartphone, a mobile banking application and an internet connection. First, to withdraw money you have to use your mobile banking app. The mobile number of the mobile banking app must be registered with the bank. Upon receiving the request, the bank will generate OTP and it will be sent to your registered mobile number. You have to show the OTP to the shopkeeper registered with Paymart to collect cash. He will give you cash.
Your mobile banking app will show a list of shoppers registered for Virtual ATM with Paymart. It will also contain name, location and phone number. This service can be of great help to people living or traveling in remote areas.
Who can use this Virtual ATM?
According to Paymart, it has been operating the virtual ATM service with IDBI Bank for more than six months. The fintech firm has also partnered with Indian Bank, Jammu & Kashmir Bank and Karur Vysya Bank for this service.
Service is available in these cities
Currently, virtual ATM service is available only in some cities of Chandigarh, Delhi, Hyderabad, Chennai and Mumbai.
How much money can you withdraw using Virtual ATM?
To withdraw money through virtual ATM, a smartphone is required. Through this you can withdraw minimum Rs 100 and maximum Rs 2,000. In this, a maximum of Rs 10,000 can be withdrawn in a month.
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