Ex-PhonePe CEO's startup Paymart to offer 'virtual ATM', partners 5 Indian banks

New Delhi: Former PhonePe CEO Amit Narang's fintech startup Paymart on Friday said that it has partnered with five Indian banks to offer its innovative virtual, cardless, and hardware-less cash withdrawal service.

Paymart has partnered with five prominent banks, including IDBI Bank, Indian Bank, Jammu & Kashmir Bank, and Karur Vyasa Bank, to roll out this service nationwide.

The company is also in advanced discussions with four additional banks for further collaboration.

"Our future-ready technology, coupled with direct connectivity to banks' Core Banking Systems, positions us as a versatile Cardless Switch, complementing existing card operators and paving the way for a more inclusive and accessible banking ecosystem," Paymart founder and CEO Narang said in a statement.

The startup plans to launch pilot programmes with its partner banks in February/March, with a phased nationwide rollout slated for April/May 2024.

It successfully piloted the virtual ATM service with IDBI Bank for over six months.

The company said that the virtual ATM service will empower local shopkeepers, converting them into essential hubs for cash withdrawals without the need for traditional ATM machines or other hardware.

Paymart also said that it entered into a partnership with CSC e-Governance Services India Ltd to further expand the reach of its virtual ATM service.