OCBC Rolls Out Contactless Cash Withdrawals Islandwide
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OCBC Bank customers only need to scan a QR code on the OCBC Pay Anyone app to make withdrawals.
OCBC customers can now make withdrawals without a bank card by generating a QR code from its mobile banking app, which can be scanned at any of its 655 Automatic Teller Machines (ATMs) islandwide, the bank announced in a statement.
Apart from reducing the time required to make withdrawals, doing away with ATM cards and personal identification numbers raises security levels as biometric verification can be selected – customers have the option of authenticating the transaction via fingerprint, faceprint or mobile banking login credentials.
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, Aditya Gupta, the bank’s head of Digital Business, Singapore and Malaysia, said
According to OCBC, mobile banking usage has tripled, while the number of its customers who used mobile banking at least once in the last three months has grown by 25 percent since 2018.
OCBC has 3 million cash withdrawals at its ATMs monthly, a figure unchanged in the past year.
Questions & Answers
Q.How do customers use this new withdrawal method?
How do customers use this new withdrawal method?
Customers generate a QR code from the OCBC Pay Anyone mobile app. This QR code is then scanned at any of OCBC's 655 ATMs islandwide to complete the cash withdrawal transaction.
Q.What security improvements does this new system offer?
What security improvements does this new system offer?
Doing away with physical ATM cards and PINs enhances security. Customers can opt for biometric verification, choosing between fingerprint, faceprint, or their existing mobile banking login credentials to authenticate transactions.
Q.Has OCBC seen an increase in mobile banking usage recently?
Has OCBC seen an increase in mobile banking usage recently?
Yes, OCBC has reported that mobile banking usage has tripled since 2018. Also, the number of customers using mobile banking at least once in the last three months has grown by 25 percent over the same period.
Q.Will this change affect the total number of ATM withdrawals?
Will this change affect the total number of ATM withdrawals?
The article does not indicate this change will affect the total number of ATM withdrawals. OCBC currently records 3 million cash withdrawals at its ATMs monthly, a figure that has remained unchanged over the past year.
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