Paymart India

Paymart India Private Limited, a fintech firm based in Chandigarh, was established in 2015 by the seasoned entrepreneur Amit Narang, along with co-founders Priyanka Narang and G C Pande. Amit Narang, who serves as the CEO, brings extensive experience from the financial services sector, including his prior venture, FX Mart, which was later acquired by Flipkart and rebranded as PhonePe. This background in digital payments and remittance laid the groundwork for Paymart's mission to address the cash accessibility challenges in India.

The company operates as a retail merchant aggregator, providing a payment acceptance gateway for merchants to handle over-the-counter payments. Its core offering is a virtual ATM service that transforms local shops and kirana stores into cash withdrawal points, effectively tackling the scarcity and uneven distribution of traditional ATMs, especially in semi-urban and rural areas. This service functions without the need for physical ATM machines or POS hardware. Customers can initiate a cash withdrawal request through their mobile banking app, receive a one-time password (OTP), and present it to a partner merchant. The merchant uses Paymart's software to validate the OTP and dispenses the cash, with the customer's account being debited directly by the bank.

Paymart's business model generates revenue by charging banks a fee for each cash withdrawal transaction. A significant portion of this fee, around 70 percent, is then shared with the merchant, creating an additional income stream for them and increasing foot traffic to their stores. The service is free for the end customer. The company has established strategic partnerships with several major banks, including IDBI Bank, Indian Bank, and Karur Vysya Bank, to integrate its service with their core banking systems. To expand its network, Paymart has also collaborated with CSC e-Governance Services India, leveraging its extensive network of locations nationwide. Furthermore, the company holds a foreign exchange license from the Reserve Bank of India, indicating future plans to operate in forex and remittance services.

Keywords: virtual ATM, cardless cash withdrawal, financial inclusion, merchant aggregator, fintech, payment gateway, cash access, branchless banking, digital payments, rural banking, OTP authentication, merchant network, financial services, last-mile banking, cash disbursement, mobile banking integration, remittance, foreign exchange, payment solutions, kirana tech