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India: cardless ATM withdrawals simple as 1-2-3

Categories : Cash is efficient
September 8, 2016
Tags : Asia, ATM, Banknote/Note, Unbanked
Cardless ATM withdrawals in India are now are simple as counting to three.
Communication Team / Equipo de Comunicación

Many Indian banks now offer cardless transactions at their ATMs – a system that can benefit the unbanked or anybody that urgently needs cash but does not have a debit card in hand. 

The process is simple: the user must login to an online/mobile banking account to register his/her mobile phone. Once the login is approved, anybody can transfer money to the registered mobile number. Once the funds are transferred, the user will receive an SMS code and the sender a verification number: both will be needed when s/he goes to withdraw money at the bank. The ATM will request the user’s mobile number, sender’s verification number and the beneficiary’s code before dispensing the money.

It’s as simple as 1-2-3!

To read the Financial Express’ article, click here