Srinagar, Nov 21: Committed to enhancing digital convenience for its customers, J&K Bank has launched a Virtual ATM Facility (vATM) – a cutting-edge technology platform.
MD & CEO Baldev Prakash inaugurated the innovative facility today in the presence of Director & CEO Paymart India Pvt. Ltd. Amit Narang, Bank’s Executive Director Sudhir Gupta, General Managers, IT Head (Paymart India) Suvir Chopra, DGMs and other senior officers at the Bank’s Corporate Headquarters. Bank’s Divisional Heads and Zonal Heads from Kashmir, Jammu and Rest of India also joined the inaugural ceremony through VC.
Speaking on the occasion, MD & CEO Baldev Prakash said, “In today’s fast-evolving digital banking landscape, we continue to innovate in extending convenience to our customers. Launching of the Virtual ATM facility (vATM) demonstrates our strong focus on leveraging technology for financial empowerment of people especially in rural areas with no presence of ATMs or other banking channels. Developed in collaboration with Paymart, the initiative is a win-win for all the stakeholders particularly for the customers and the merchants.”
“This collaboration with Paymart India Pvt. Ltd. aligns perfectly with our vision to create a more accessible and customer-centric banking ecosystem. And through these vATMs we can cater to customers near their doorsteps in the ATM-deficient locations”, he added.
He, however, underscored the importance of remaining in constant touch with the customers to strengthen the mutual bond. “No technology intervention can replace the importance of being in constant touch with the customers. We have to listen to our customers and address their concerns; then only we can earn their trust and retain them”, he said.
Highlighting the significance of the partnering with the Bank, Amit Narang said, “”We are delighted to partner with J&K Bank in launching the Virtual ATM facility. With mobile banking taking over, cardless and hardware-free has become a future. With India currently the world’s biggest cash economy, virtual ATMs will become an integral part of banking. The services provided by these virtual ATMs are convenient, hassle free and more importantly safe and secure.”
“We have integrated with the Bank system through secure mechanism and are committed to live upto the expectations of J&K Bank, which has remarkable legacy of trust and emotional equity particularly in J&K and Ladakh”, he added.
In his remarks on the occasion, ED Sudhir Gupta hailed the launch as game-changer in extending easy and secure banking facility to people living in rural areas and far from banking touch-points. “vATM is a leap forward in creating an easy, secure and cardless cash withdrawal experience for our rural customers. We need to make most of the facility and ensure its utility is taken to full effect” he said.
The Bank’s Chief Digital Officer Naveed Zargar gave a detailed presentation on the features and benefits of the facility. He said that the initiative is expected to enhance Bank’s digital offerings, ensuring a seamless and secure banking experience for its diverse customer base across regions especially in ATM deficient areas.
Notably, the Virtual ATM facility enables the customers to withdraw cash seamlessly through the enrolled merchants of Paymart India by generating digital tokens using the Bank’s mobile application (mPay Delight+). While enabling customers to avail cash withdrawal facility from nearby merchant locations, it also results in increased footfall at these locations translating into more business along with commission on transactions as additional earnings.
