South African bank lets you withdraw cash with your mobile device
To use the system, the user must first log in to their Cellphone Banking page from their device. They will then select "Withdraw Cash," the account, and the desired amount. They will then receive an SMS with a temporary ATM PIN, which they can use at any of FNB's 4,500 ATM locations.
FNB's Ravesh Ramlakan explains that they developed Cash Withdrawal "with the intention of providing [their] customers with 24 hour access to their cash - even without the use of a bank card." We see it as the opposite of Chase Bank's ability to photograph and deposit checks.
According to their research, many customers would have to enter the bank in order to withdraw cash, simply because they left their cards at home. So beyond being a nice perk for customers, it should also lighten the load of the bank staff. Is anyone else thrilled at the idea of not carrying a wallet around?
source: Self-Service World via Textually
1. curiousgeorge (Posts: 25; Member since: 24 Nov 2010)
lighten the load of the bank staff? why do they have a tough job to do by counting money? in all seriousness its stupid things like this that are taking jobs away from people..lightening the load for the bank staff translates to the bank being able to lighten its ACTUAL staff and more people will be unemployed..sad
2. heyitzme (Posts: 87; Member since: 03 Jan 2011)
Kind of like the auto checkout systems popping up at some stores.
6. PhoneLuver (Posts: 480; Member since: 05 Jul 2010)
You have obviously never been in a queue in a South African bank! There are even queues at the ATMs!
4. XxVerbalxX (unregistered)
so what do they stick in the atm to b able to type in a pin?
7. Marcus (unregistered)
No need for a card, you will be asked to insert card or your temporary NFC pin and after you have inserted your tempory pin you will then be able to access your account. At some banks you can send someone money even if they do not have a bank account, they will then receive a sms notification with the pin and will go to an ATM and insert the pin and withdraw the money.
8. TT (unregistered)
FNB is not the first bank here in South Africa to provide such a service. ABSA has been having this service for a long time. Its handy if you wanna transfer money to someone who uses a different bank. You just do an internet/cellphone transfer and enter the cellphone number of the recipient, and choose an access code. The recipient gets an SMS, he needs to key in the access code and the exact amount transfered on the Bank\'s ATM.