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

Published on February 24, 2024
Current Context: Paymart India has introduced a service called the 'Virtual ATM’.
Paymart India Partnered with 5 Indian Banks to Introduce India’s 1st ‘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
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