Barclays launches contactless cash

Barclays launches contactless cash

Barclays Bank is to install contactless cash machines in branches across the country, enabling customers to withdraw up to £100 by tapping their mobile phone or debit cards at the terminal.

The service is initially being piloted in the North before rolling out to over 180 Barclays branches in the New Year. It will be available on over 600 in-branch machines, says the bank, allowing customers to withdraw cash with just a tap of their Android smartphone or contactless debit card.

The service will be available for Android smartphone users with the Barclays banking app installed. Customers can either insert the amount and PIN on the banking app and tap the machine to collect their funds, or place their phone or debit card against the contactless reader before entering their PIN on the machine and withdrawing their cash as normal.

The bank says it will help to make cash withdrawals more secure by removing the threat from magnetic card skimming and distraction fraud.

Ashok Vaswani, CEO of Barclays UK, says: “Our customers now expect to be able to use their smartphone to make their everyday purchases. We want taking out cash to be just as easy. With Contactless Cash customers can quickly and securely take-out money with just a tap of their smartphone - a first for the UK.”

Comments: (3)

A Finextra member
A Finextra member 21 November, 2016, 11:34Be the first to give this comment the thumbs up 0 likes

Great idea. There are some (UK) banks that are leaders and innovators and others which stand on the verge and watch. Barclays definately fall into the former. Good for them.

I'm also amazed that there doesn't appear to be much innovation coming from HSBC, arguably the 4th largest bank in the world (Barclays are 12th).

A Finextra member
A Finextra member 21 November, 2016, 12:01Be the first to give this comment the thumbs up 0 likes

Well done, Barclays! (I was expecting contactless ATMs to happen back in 2014, but I do apprecite that such things take time).

However, in 2016 one would expect more solutions aimed at replacing cash. E.g. make it economical for any merchant to access contactless payments even for small (say 50p) transactions. Not to mention that tge UK regulatory bodies should have made it illegal - long time ago... - NOT to accept cards. In fact, that reminds me that I need to finish my blog post about that.

A Finextra member
A Finextra member 21 November, 2016, 13:27Be the first to give this comment the thumbs up 0 likes @Peter - one could argue all UK Banks stood on the sidelines. ANZ have had contactless on their ATM's since 2015 - and I believe launched Mobile Contacless Support in the beginning of 2016. One part the article neglects to cover - unless Banks implement a Private Token Vault - SamsungPay and ApplePay transactions would need to be treated as Not-on-Us transactions - routed externally for the Token to be remapped to the original Card data - routed back to the Issuer; Authorized and returned back down the return path. Implementing a Private Token Vault enables ATM Acquirers and Merchant Acquirers with large Issuing divisions to continue to process transactions internally avoiding the schemes.