By Kunal kapoor . June 15, 2021 . Blogs
Do not worry there’s a good news for you!
We all have days where we don’t remember important things like keys or wallets. Recently I had one of those days. I had run out of the house in a rush and, at lunch, I realized I had forgotten my wallet.
Sometimes we run out of money in our wallet and also don’t have Debit / Credit Cards with us. Then it will not be possible to withdraw money from ATM. But now, you don’t have to worry, as banks has launched Card-less Cash withdrawal ATM service due to which you will be able to withdraw money and that too without using debit or credit card
Traditionally the Debit / Credit Cards security is based on two-way authentication process which has a card and a pin number, but it has now been made Card-less Cash withdrawal and painless. Now these days Banks are introducing a very different type of ATM — one that doesn’t require users to swipe or insert their debit cards. Instead, users can withdraw the cash they need using smartphone technology.
This is not the first time wherein banks have embraced the technology of Card-less Cash withdrawal from the ATM. Many Indian banks have already introduced the Card-less Cash withdrawal service which allowed its customers to engage in monetary transactions through the ATM without the need of possessing an account. The service enables bank’s customer to transfer money to any person with the help of receiver’s mobile number and a sender’s code through text message. The person who received the money can withdraw from ATM by providing details like sender’s code, mobile number, amount transferred and SMS pin to the receiver through SMS within 14 days.
Understanding Card-less cash withdrawal technology
With technology penetrating every walk of life, banks are trying to improve customer services with new modes of monetary transactions that are convenient and secure. Now, you don’t have to carry a Debit Card or hold a bank account to withdraw money. Card-less Cash withdrawal are making their way into the system to make our lives easier. This method can be a game changer. So, how does it work? The process differs slightly from bank to bank. However, in general, you would need to use the bank’s mobile banking app. Once you log in to the app, you will need to initiate the transaction and provide the amount you wish to withdraw. A temporary PIN will be generated which you will enter at the ATM after choosing the option for Card-less Cash withdrawal. One of the major advantages of using a Card-less Cash withdrawal service is that it eliminates the need to carry a Debit or Credit Card. Hence, it’s safe and reduces the risk of fraud mainly skimming and cloning of your cards. Have you tried it yet?
While Card-less Cash withdrawal ATMs are considered to be safer than using your physical card, the security of this method is still a bit of a mixed bag. If you’re worried about ATM skimmers or theft, you may be relieved to not have to risk it with your physical card. (You do, however, need to keep tabs on your phone if you’re going out wallet-free.)
More limitations come regarding the amount allowed to withdraw, a number of transactions, the time required to enter a verification code, or availability of the Card-less Cash withdrawal ATMs nearby.
There are few challenges that we must take care of before using the Card-less Cash withdrawal cash withdrawal which are stated as below –
Many mobile apps offer to locate the nearest Card-less Cash withdrawal ATM of the banking network which adds up to the convenience factor.
Yet why would any bank invest money to upgrade ATMs for Card-less Cash withdrawal withdrawals?
No Debit card required – Card-less Cash withdrawal is here!? We are truly living amidst the golden era in banking. Digital Transformation has revolutionized the way banking transactions were carried out traditionally. It’s drastically changing every single day!
Following are some of the few benefits of this Card-less Cash withdrawal technology
Mobile Era and Card-less “Mobile device everywhere and every time”
The banking industry is on the edge of another fintech revolution. Card-less cash withdrawal ATMs are about to go mainstream and can create a major shift that will have a big impact on the banking industry.