Earlier people often used to carry cash while leaving the house, but now people have stopped doing so. With the increase in usage of UPI, people have also stopped carrying cards. In such a situation, if you need cash, do these things:
Unified Payments Interface (UPI) has been widely used as cashless payment in India since Corona. For this reason, people often stop carrying cash while going out of the house. Now with the increasing popularity of UPI, people have stopped carrying their debit and credit cards anywhere. According to a report in Economic Times, Chandigarh-based fintech company Paymart India is revolutionizing cash withdrawals with its innovative virtual ATM service. Paymart India Private Limited has introduced this service as “Virtual ATM”. With the Virtual ATM facility, users can easily withdraw cash without a card and visiting a traditional ATM. Let us tell you everything about this new virtual ATM.
What is Virtual ATM?
Virtual ATM, also known as cardless cash withdrawal, is a service that allows cash withdrawals without the need for a debit or credit card or visiting a traditional ATM.
This is how Virtual ATM works
There are a few things you need to keep in mind to use a virtual ATM which are:
- All you need is a smartphone with an internet connection to initiate a withdrawal.
- You must use your bank’s mobile app to request a withdrawal. Make sure your phone number is registered with the bank for the mobile app.
- Upon your withdrawal request, your bank will generate a One-Time Password (OTP) and it will be sent to your registered mobile number.
- Show the OTP at the nearest shop connected to the Virtual ATM service (listed in the mobile app) to withdraw your cash.
How to use Virtual ATM
1. Open your mobile banking app and select the Virtual ATM option.
2. Enter the amount you want to withdraw.
3. Confirm the transaction.
4. Receive an OTP on your registered mobile number.
5. Find a participating store (usually grocery stores or other participating merchants) near you using the app’s list.
6. Show the OTP and your mobile number to the shop owner.
7. Get your cash from the shop owner.
Currently, the virtual ATM service is limited to select cities which include Chandigarh, Delhi, Hyderabad, Chennai and Mumbai. However, the company is planning to launch this service across the country by May this year.
