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J&K Bank Partners with Paymart India for Virtual ATM Service, Enhancing Banking Convenience in J&K and Ladakh

New Delhi: J&K Bank has announced a partnership with Paymart India Pvt Ltd to introduce an innovative Virtual ATM (VATM) service, aimed at enhancing banking convenience for customers in J&K and Ladakh. Through this collaboration, card-less cash withdrawal will be facilitated for customers via local merchants.

In this setup, customers utilize the bank’s mobile app on their smartphones as a Virtual Card, while the merchant’s smartphone acts as the Virtual ATM. When initiating a cash withdrawal, customers will receive an OTP for verification, which they can share with the merchant. Upon validation, cash will be dispensed to the customer, ensuring a seamless banking experience.


Importantly, this VATM service will allow customers to withdraw up to Rs 2000 per transaction and a total of Rs 10000 per month.

Baldev Prakash, MD & CEO, J&K Bank said, “This partnership aims to empower J&K Bank customers with seamless access to cash withdrawal services through the mobile banking application, mpay Delight plus. It marks a significant step forward in J&K Bank’s commitment to leverage technology to enhance banking accessibility and convenience for its valuable customers.”

“Since Virtual ATMs represent the future of banking, this partnership with Paymart India underscores our commitment to staying ahead of the curve in providing innovative solutions for our customers. As we embrace this technology, we foresee the role of virtual ATMs in enhancing financial inclusion by going beyond cash withdrawals to encompass digital lending. Moreover, reaffirming our dedication to serving communities with convenience and accessibility, we are exploring avenues to extend this facility to our Banking Correspondents.” he added.

“With a plan to enter the J&K market, J&K Bank was the best choice we had for a tie-up. Through this partnership, basic cash requirements of people will be catered particularly in rural areas where ATMs are not available and people need to travel long distance to bank branches” stated Amit Narang, Paymart’s CEO.

“We always strive for convenience for our customers. With this tie-up with Paymart, our customers have a cash withdrawal facility virtually at their doorsteps. They wouldn’t have to search for ATMs and travel long distances to Bank branches/ATMs. So they will have the convenience of cash withdrawal while shopping itself” highlighted Imtiyaz Ahmad Bhat, General Manager (S&IT), J&K Bank.

The signing ceremony for the Memorandum of Understanding (MOU) was overseen by Baldev Prakash, the MD & CEO of the Bank. Amit Narang, CEO of Paymart India Pvt Ltd, signed the MoU, and Imtiyaz Ahmad Bhat, General Manager, also added his signature. The event was attended by the Bank’s General Managers Ashutosh Sareen and Narjay Gupta, DGM Muzaffar Wani, and Director of Paymart India Pvt. Ltd., Jyoti Narang, along with other senior executives from both organizations.