CURRENT AFFAIRS
CURRENT AFFAIRS
Description
Paymart, a fintech firm, has announced a partnership with five Indian banks to launch a ground-breaking virtual, cardless, and hardware-free cash withdrawal service. IDBI Bank, Indian Bank, Jammu & Kashmir Bank, and Karur Vyasa Bank are among the banks that have cooperated, with negotiations with four more institutions about future collaboration.
Technological Advancements
Paymart positions itself as a versatile Cardless Switch by leveraging future-ready technologies and direct connectivity to banks' Core Banking Systems.
Paymart's founder and CEO, Amit Narang, underlined the importance of their technology in establishing a more inclusive and accessible financial sector.
Pilot Programs And National Rollout
The business intends to launch trial programs with its partner institutions in February/March, paving the way for a phased nationwide deployment in April/May 2024.
Successful Pilot With IDBI Bank
Paymart successfully piloted its virtual ATM service with IDBI Bank for six months, demonstrating its effectiveness and dependability.
Empowering Local Shopkeepers
Paymart's virtual ATM service promises to empower local shops by transforming them into cash withdrawal centers, removing the need for traditional ATM machines and other infrastructure.
Expansion Through Partnerships
Paymart recently announced a partnership with CSC e-Governance Services India Ltd to broaden the scope of its virtual ATM service, ensuring more accessibility and convenience for customers.
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