Excelsior Correspondent
SRINAGAR, Nov 21: Enhancing digital convenience for its customers, J&K Bank launched a Virtual ATM facility (vATM) – a cutting-edge technology platform, here today.
The new facility was inaugurated by MD & CEO Baldev Prakash in the presence of Director & CEO Paymart India Pvt. Ltd. Amit Narang, Bank’s Executive Director Sudhir Gupta, General Managers, IT Head (Paymart India) Suvir Chopra, DGMs and other senior officers at the Bank’s Corporate Headquarters.
Speaking on the occasion, MD & CEO Baldev Prakash said, “In today’s fast-evolving digital banking landscape, we continue to innovate in extending convenience to our customers. Launching of the Virtual ATM facility (vATM) demonstrates our strong focus on leveraging technology for financial empowerment of people especially in rural areas with no presence of ATMs or other banking channels. Developed in collaboration with Paymart, the initiative is a win-win for all the stakeholders particularly for the customers and the merchants.”
“This collaboration with Paymart India Pvt. Ltd. aligns perfectly with our vision to create a more accessible and customer-centric banking ecosystem. And through these vATMs we can cater to customers near their doorsteps in the ATM-deficient locations,” he added.
Highlighting the significance of the partnering with the Bank, Amit Narang said, “”We are delighted to partner with J&K Bank in launching the Virtual ATM facility. With mobile banking taking over, cordless and hardware-free has become a future. With India currently the world’s biggest cash economy, virtual ATMs will become an integral part of banking. The services provided by these virtual ATMs are convenient, hassle free and more importantly safe and secure.”
“We have integrated with the Bank system through secure mechanism and are committed to live upto the expectations of J&K Bank, which has remarkable legacy of trust and emotional equity particularly in J&K and Ladakh,” he added.
Notably, the Virtual ATM facility enables the customers to withdraw cash seamlessly through the enrolled merchants of Paymart India by generating digital tokens using the Bank’s mobile application (mPay Delight+).
While enabling customers to avail cash withdrawal facility from nearby merchant locations, it also results in increased footfall at these locations translating into more business along with commission on transactions as additional earnings.
Bank’s Divisional Heads and Zonal Heads from Kashmir, Jammu and Rest of India also joined the inaugural ceremony through VC.
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