Produced by: Navneet Dubey Designed by: Muskan Arora
The concept of Virtual ATMs is relatively new in the world of finance, but it has quickly become an important tool in making transactions more convenient and accessible.
A Virtual ATM, or a Virtual Teller Machine, exists digitally and provides the same functionalities as a physical ATM.
Virtual ATMs can be the future of banking, offering a range of benefits, from convenience to enhanced security.
The Virtual ATM service enables local shopkeepers to become vital cash withdrawal hubs without requiring traditional ATM machines or additional hardware.
Virtual ATMs streamline cash handling, minimising idle cash and optimising store operations.
Customers can withdraw cash from nearby shops, avoiding long trips to banks or ATM searches.
The process is fast and secure, using a basic OTP authentication system to guarantee transaction safety.
Virtual ATMs cut setup costs by removing the need for physical structures or ongoing administration, leading to lower customer service charges.
Virtual ATMs, with simple prompts and step-by-step instructions, are user-friendly, even for those less tech-savvy.