SINGAPORE - Customers can now withdraw cash from most OCBC ATMs by scanning a QR code with their phones without needing to use a card.
The new service announced on Wednesday (July 31) is the first of its kind here, although cardless withdrawals have been around since 2011.
The QR code function makes withdrawals more secure while cutting the average time to get cash from 80 seconds to 45 seconds, OCBC said.
Customers will need the OCBC Pay Anyone app on their phone.
They then tap the option to withdraw cash via the app on the bottom left corner of an ATM's display. A QR code comes up which is then scanned with the app.
Customers enter on the app the amount they want to withdraw, tap a button to confirm and wait for the ATM to dispense the cash.
As is typical with online banking, transactions done with a QR code are authenticated via fingerprint, faceprint or mobile banking login credentials. This is safer than using a card as PINs can be skimmed or stolen.
The service is available at all OCBC ATMs except the 22 new ones that accept both coin and cash deposits.
Around three million cash withdrawals are made every month at OCBC ATMs around the country.
"As we accelerate our drive to go cashless, we also recognise that ATMs are still an essential and frequently used touchpoint for our customers," said Mr Aditya Gupta, OCBC's head of digital business in Singapore and Malaysia
"More of these customers are getting familiar with QR codes to pay, and we wanted to bring them the same ease, speed and security when they get cash at our ATMs."
OCBC customer Bobby Ng, 34, welcomed the initiative: "I will never need to bring out my ATM card now."
Cardless ATM withdrawals were introduced here in 2011 by United Overseas Bank. Users withdraw cash by logging into a mobile app but this does not include a QR code function.