Cash Withdrawal Service: The success of UPI has greatly reduced the need for cash. However, at present if someone wants cash then they look for ATM only. Very few people go to bank branches for cash. But now the option of ATM has also come in the form of virtual ATM. After this you won't even have to go in search of an ATM. You will be able to withdraw money from any nearby shop with the help of just one OTP. You will only need a smartphone, mobile banking app and internet connection. Let us know everything about these virtual ATMs.
There will be no need for ATM, card or PIN
According to the report of Economic Times, fintech company Paymart India has come up with the idea of this virtual ATM. The Chandigarh based company calls it cardless and hardware less cash withdrawal service. For Virtual ATM, you will not need to go to any ATM nor will you need to keep the card and PIN.
Will prove effective in withdrawing small amounts
While giving information about the use of virtual ATM, the company's founder and CEO Amit Narang said that virtual ATMs will prove to be effective in withdrawing small amounts. You will have to place a request to withdraw money from your mobile banking app. For this your phone number should be linked to the bank. You will have to show this OTP at the shop registered with Paymart. After checking the OTP the shopkeeper will give you cash.
No charge will be taken from the customer
The list of shopkeepers associated with Paymart will be visible on your mobile banking app. Along with this, their names, locations and phone numbers will also be visible. There will be no need of debit card, ATM machine or UPI to withdraw money. No charge will be taken from the customer for using this service. At present there is no limit for withdrawing money. This service will prove to be very useful for remote areas.
Tie up has been done with many banks
This service has been successfully run with IDBI Bank for 6 months. The fintech firm has also tied up with Indian Bank, Jammu and Kashmir Bank and Karur Vysya Bank. Currently this service is available in Chandigarh, Delhi, Hyderabad, Chennai and Mumbai. There are preparations to implement it in the entire country from March. Also, efforts are being made with CSC e-Governance Services India Limited to reach virtual ATMs at 5 lakh places.
read this also
UAN: What to do if you have more than one Universal Account Number, understand the merger process