CommBank debuts cardless ATM transactions
30 April 2014 | 6991 views | 1
Australia's Commonwealth Bank has beaten local rival WestPac to market with a new mobile app that enables customers to make cardless ATM withdrawals using just their smartphone.
Available to CommBank app users on Android and iPhone in May 2014, Cardless Cash enables customers to withdraw up to $200 cash a day, without a card, at over 3000 CommBank ATMs nationwide.
Customers using the app are sent two PIN codes - one from the app and the other via text - which they must input at the ATM to access their cash. Users can also authorise someone to withdraw cash on their behalf by sending them a text message and PIN.
Not to be outdone, local rival WestPac also announced plans to introduce cardless ATM withdrawals by September. In the interim, the bank will allow customers to make withdrawals without their ATM card by ringing the bank's call centre to get a one-time-only PIN.
Earlier this month, WestPac announced the roll-out of a new mPOS plug-in for small merchants. CommBank, for its part, also chose today to introduce it's own Small Business app, which utilises the bank's proprietary Eftpos devices - Leo and Emmy - to take payments on-the-go and manage cashflow and invoice history. Emmy is designed for smaller mobile businesses with lower card transaction volumes, while Leo features a barcode reader and is intended for medium to large businesses.
A third app upgrade from CommBank is a feature dubbed Lock and Limit, which enables customers to lock certain transaction types and unlock them only when required and set a limit per transaction.
Since its launch in 2013, CommBank's mobile banking service has drawn 2.1 million registrations, and now supports nine million logons and two million transactions each week.
"Mobility is not a trend; it is increasingly our way of life," says CommBank CIO Michael Harte. "Our customers demand more transparent, open, relevant and secure solutions, increasingly in real time, to help advise and support important decisions. These new mobile offerings will improve our customers' banking experience by placing information-rich, value-added services and additional security at their fingertips at the time they need our help."