Paymart India Partnered with 5 Indian Banks to Introduce India’s 1st ‘Virtual ATM’

Current Context: Paymart India has introduced a service called the 'Virtual ATM’.

• This service allows users to withdraw cash from nearby shops using their smartphones, eliminating the need to visit a traditional ATM or remember their card PIN.
• Here’s how it works:
• Use your mobile banking app to initiate a withdrawal request from your bank.
• The bank generates an OTP and shares it with you through the registered number.
• Show the OTP to the nearest shop empaneled with PayMart to collect cash from the shopkeeper.
• The service is expected to go live by 29th February 2024.

Question:

Q.1 What is the name of the service introduced by Paymart India?
a. Mobile ATM
b. Virtual ATM
c. Digital Wallet
d. E-Banking