The Jammu and Kashmir Bank has introduced a virtual ATM service, vATM, aiming to use technology for financial empowerment, particularly in rural regions. This initiative, developed in partnership with Paymart India Pvt Ltd, seeks to enhance digital convenience for customers. The bank’s Managing Director and CEO, Baldev Prakash, launched the platform at the corporate headquarters, accompanied by Amit Narang, Director and CEO of Paymart India Pvt Ltd, and other senior officials.

Enhancing Accessibility with vATM

The vATM platform aims to improve financial access in areas lacking traditional ATMs or banking channels. Prakash highlighted that this collaboration with Paymart India is aligned with the bank’s vision of creating a more accessible and customer-focused banking environment. He stated, “Launching of the 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.”

Prakash emphasised the importance of maintaining strong customer relationships despite technological advancements. He noted that staying connected with customers is crucial for building trust and retaining them. “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.

Convenience and Security of Virtual ATMs

In a country like India, which is currently the largest cash economy globally, virtual ATMs are expected to become an essential part of banking services. These virtual ATMs offer convenient, hassle-free services that are also safe and secure. The vATM facility allows customers to withdraw cash easily through Paymart India’s enrolled merchants by generating digital tokens using J&K Bank’s mobile application mPay Delight+.

The introduction of vATMs is seen as beneficial for all stakeholders involved, especially customers and merchants. Prakash remarked that this initiative is a win-win situation for everyone involved. The bank aims to cater to customers near their homes in locations where ATMs are scarce.

This new service reflects J&K Bank’s commitment to using technology for financial empowerment while ensuring customer satisfaction remains a priority. By focusing on both technological innovation and customer engagement, the bank hopes to strengthen its relationship with its clientele across various regions.