On Friday, Fintech startup Paymart announced a strategic collaboration with five major Indian banks to introduce its revolutionary virtual, cardless, and hardware-less cash withdrawal service. Among the esteemed banking partners are IDBI Bank, Indian Bank, Jammu & Kashmir Bank, and Karur Vyasa Bank, facilitating the nationwide rollout of this innovative offering.
Additionally, Paymart is actively engaged in discussions with four more banks for potential collaboration, aiming to broaden its network and enhance accessibility for customers.
Amit Narang, the Founder and CEO of Paymart, expressed enthusiasm about the partnership, emphasizing the company's commitment to leveraging cutting-edge technology and seamless integration with banks' Core Banking Systems. This strategic move positions Paymart as a versatile Cardless Switch, complementing existing card operators and contributing to a more inclusive banking ecosystem.
Pilot programs are scheduled to commence in February/March in collaboration with partner banks, paving the way for a phased nationwide launch scheduled for April/May 2024. Paymart has already conducted successful pilot programs with IDBI Bank, spanning over six months.
The introduction of the virtual ATM service is poised to empower local retailers, transforming them into pivotal hubs for cash withdrawals, sans the necessity for conventional ATM machines or additional hardware installations.
Furthermore, Paymart has forged a strategic alliance with CSC e-Governance Services India Ltd to extend the reach of its virtual ATM service, ensuring broader accessibility and convenience for users across the country.
(With Agency Inputs)