Ukash and Bank Machine team on cardless ATM withdrawals

Bank Machine and Ukash have struck a deal that will enable Brits to withdraw cash at ATMs without their cards.

Ukash is aimed at people who don't have credit or debit cards or do not want to use them online. Users buy vouchers at real-world retailers and then enter a unique number at participating e-commerce sites to make purchases.

The deal with ATM network Bank Machine means that Ukash users can complete the 'cash-circle' by converting their digital money back into paper.

Where customers have unspent balance, they can opt to use the "Ukash Out" service. This gives them a code that is entered, along with other identifying information, into participating Bank Machine ATMs to make the withdrawal.

David Hunter, CEO, Ukash, says: "This announcement marks an important step towards enabling customers to turn their Ukash back to cash. Customers will be able to pick up cash from any of the thousands of Bank Machine ATMs across the UK without the need to use a credit or debit card."

Related Companies

Ukash Cardtronics Bank Machine

Channels

Retail banking Payments

Keywords

Cards Automated teller machines and network services E-commerce

Comments: (2)

A Finextra member 03 March, 2012, 22:40

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0 likes Not quite grasping this one yet.

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A Finextra member 13 June, 2012, 14:50

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@DavidGriffiths

It depends how you look at it. On the one hand, it's paying Ukash first to convert your cash into a coupon, and then paying them again to convert that coupon back into cash (so you end up with £98 of your money instead of £100).

On the other hand, there are people who use Ukash regularly and would like to "cash out" to meet their particular requirement.

It's hard to guess how popular the service will be with a typical Ukash customer, but it still a nice move towards cardless ATM withdrawals.