Banking institutions, ATM users and other commercial vendors have a new reason to rejoice. A software called NCR Mobile Cash Withdrawal will allow ATM users to withdraw cash in less than 10 seconds directly though their mobile phone.
This transaction will be made possible without using a physical ATM card or a PIN number, ET reported.
This technology has been created by NCR Corporation, a global IT company that specializes in self service products in areas of retail, gaming, travel, entertainment, finance, banking, software, ecommerce, payment and imaging.
In this new technology which NCR may launch soon, the user who wants to withdraw money will need to initiate the transaction via their mobile phones. They can use their existing banking app and pre-stage or review the cash withdrawal that they are about to make through the embedded NCR Mobile Cash Withdrawal function.
A 2D barcode will be generated after the transaction is initiated. Once users reach the ATM machine they can scan the barcode on their screen of the ATM machine through their mobile as per given instructions and the withdrawal will be successfully completed.
How Mobile Cash Withdrawal Works
Advantages of NCR Mobile Cash Withdrawal technology.
- NCR claims that banks will not need to install extra software or extra technology in their already existing ATM machines. This means that there may be no additional or hidden expenses to install technology like barcode scanners or any other near field communications equipment. This feature seems to be NCR Mobile Cash Withdrawal’s USP and is expected to make NCR’s technology much more viable and widely used.
- Transactions will be more secure than those made though the traditional ATM withdrawal method since no customer data will be stored on the ATM machine or on the 2D barcode.
- Since the withdrawal technology doesn’t require a physical card insertion, crimes related to skimming could also decrease significantly. The barcode will simply identify the location of the ATM to disburse funds.
- This technology will give ATM users the option of withdrawing money from a faster and more secure mobile medium.
- Anyone who uses an iPhone or an Android smartphone will be able to make use of this technology. No details have been divulged for Blackberry and Symbian users.
- NCR Mobile Cash Withdrawal technology also aims to be environmentally friendly by eliminating the need of printing paper receipts. This technology could make those overflowing dustbins near ATM machines history. An electronic receipt would be delivered to the users’ mobile app through which the transaction has been made. That receipt can be easily archived and retrieved for later use.
This PIN-less and ATM card-less technology claims that the user will be able to receive funds from the ATM machine in less than 10 seconds while the consumer is in front of the ATM. But it requires the user to be physically present in front of the ATM to receive the disbursed funds.
This means that if everyone is not using the NCR Mobile Cash Withdrawal technology, then the wait in the queue could still end up being very long.
Would love to hear thoughts on NCR’s Mobile Cash Withdrawal technology…
At present, the mobile phone is different from the ATM card and generally, both are kept separately. I am not sure what happens if someone looses the mobile phone. it appears now that if somebody looses the mobile phone then he looses the ability to use his account as well. the problem multiplies if he is travelling and is in a different city.
it really sounds great. This technology will definitely reduce the queue outside ATM. Not only this, but it will save time also. Hope we can use this technology very soon.