SRINAGAR: In a significant move to expand digital banking services, JK Bank has launched its Virtual ATM (vATM) facility, aimed at improving customer access to banking services, particularly in areas with limited ATM infrastructure. The cutting-edge facility was inaugurated by the Bank’s MD and CEO, at the Bank’s Corporate Headquarters in Srinagar. The event saw the participation of several senior officials from JK Bank, including Executive Director Sudhir Gupta, Chief Digital Officer Naveed Zargar, as well as Amit Narang, Director & CEO of Paymart India Pvt Ltd, the company collaborating with the Bank for the launch.
The ATM facility is a part of JK Bank’s ongoing effort to innovate and offer convenient financial solutions to its customers, especially those living in remote, rural locations where traditional ATMs are unavailable. The facility enables customers to withdraw cash from enrolled merchants, who act as virtual ATMs, using the Bank’s mobile app, mPay Delight+. This new feature eliminates the need for physical ATMs, making banking more accessible and reducing the reliance on costly ATM infrastructure.
During the launch event, MD highlighted that the ATM was developed in collaboration with Paymart India Pvt Ltd, aligning with the Bank’s vision of creating a more accessible and customer-centric banking ecosystem. “The launch of the Virtual ATM facility demonstrates our commitment to enhancing digital banking, particularly in rural areas where ATM presence is limited,” Baldev Prakash said. He added that the initiative was a “win-win” for both customers and merchants, as it not only improves access to banking services but also boosts foot traffic at local merchants, contributing to their business growth.
Prakash also emphasized the importance of staying in touch with customers to build trust. “No technology can replace the personal bond we share with our customers. Listening to their concerns and addressing them is key to retaining their trust,” he added.
Amit Narang, Director and CEO of Paymart India, expressed his enthusiasm for the collaboration, noting that virtual ATMs are a natural step forward in India’s rapidly digitizing financial landscape. “With mobile banking taking over and India being the world’s largest cash economy, virtual ATMs will become an integral part of banking services,” Narang stated. He also assured that the partnership would adhere to the highest security standards, ensuring safe and seamless transactions.
The Virtual ATM facility allows customers to generate digital tokens for cash withdrawals through the Bank’s mobile app, which can be used at nearby Paymart-registered merchant locations. This service not only facilitates easy cash withdrawals but also provides additional earnings for merchants, as they receive commissions on each transaction.
In his remarks, Executive Director Sudhir Gupta called the launch a “game-changer” for rural banking in the region. “The vATM will provide a seamless and secure cardless cash withdrawal experience for our rural customers. This initiative is crucial for ensuring banking is accessible to everyone, even in the most remote locations,” Gupta said.
The Bank’s Chief Digital Officer, Naveed Zargar, provided a detailed presentation on the features and benefits of the facility, highlighting its role in enhancing J&K Bank’s digital offerings. “The vATM is a significant step toward creating a seamless and secure banking experience for our diverse customer base, especially in areas lacking ATM infrastructure,” Zargar said.
The launch of the vATM marks a major milestone in J&K Bank’s digital transformation journey. The facility is expected to enhance financial inclusion, particularly in areas where access to traditional banking channels is limited, providing greater convenience and security to customers.
