A new system of cash withdrawal has been developed by ATM manufacturer NCR and the system uses barcodes at the core of its technology.
NCR are looking for a partner to help them rollout their new cash withdrawal method, which involves customers simply having their mobile phone scanned by the cash dispenser to release funds.
The system removes the need for a bank card and for a specific code which must be typed into a keypad on a bank machine. This in turn increases security markedly and removes the threat of bank card ‘skimming’.
The system uses an app which bank users download into their smart phone. Before cash is withdrawn from a machine, a user can run the app on their phone and decide how much they want to withdraw. A barcode is then generated by the phone which can be scanned by the ATM which dispenses the money.
The head of NCR India Jaivinder Gill is quoted as saying:
“NCR Mobile Cash Withdrawal will help financial institutions meet their customers’ expectations in the mobile channel, and help them deliver a differentiated and faster converged-channel experience.”