Singapore's OCBC Bank has introduced cardless cash withdrawals across its entire estate of ATMs, enabling customers to draw down funds by scanning a QR code.
The innovation means that OCBC Bank customers no longer need a payment card and PIN to withdraw cash from its 655 ATMs in Singapore. Instead they can scan a QR code using the OCBC Pay Anyone app, authenticating the transaction via fingerprint, faceprint or mobile banking login credentials.
While OCBC last year recorded a 25% increase in customers using mobile banking, withdrawals from ATMs remained unchanged at three million per month.
“As we accelerate our drive to go cashless, we also recognise that ATMs are still an essential and frequently used touchpoint for our customers," says Aditya Gupta, head of digital business, OCBC Bank. "Increasingly, more of these customers are getting familiar with and scanning QR codes to pay, and we wanted to bring them the same ease, speed and security when they get cash at our ATMs. We believe this completely reimagines a core service for which customers engage with the banks and will move the needle in making QR code payments mainstream in Singapore.”
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