OCBC now allows customers to withdraw money by QR code
- ATM cards may soon be a thing of the past for Singapore’s digital natives with the launch of QR code withdrawals here.
Singapore’s OCBC Bank said on Wednesday (July 31) that it has become the first bank here to allow its customers to withdraw money from its ATMs just by scanning a QR code in the user’s Pay Anyone app.
The transaction will then be verified via fingerprint, faceprint or by entering the user’s mobile banking login details.
In a statement, OCBC said the new implementation will allow transactions to be cut by almost half, from 80 secs to 45 secs.
The service is available on all OCBC Bank ATMs except 22 new ATMs which accept both coin and cash deposits, the bank added.
QR code withdrawals are also touted as being more secure because biometric authentication is “a more robust security feature than a PIN number that can be revealed or stolen”.
OCBC added that ATM cards can be skimmed by criminals, whereas access to a bank customer’s banking app can be barred when the mobile device becomes lost or stolen.
Aditya Gupta, OCBC Bank’s head of digital business in Singapore and Malaysia, said the new feature – built by an in-house team in less than five months could “move the needle in making QR code payments mainstream in Singapore”.
“As we accelerate our drive to go cashless, we also recognise that ATMs are still an essential and frequently used touchpoint for our customers. 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,” he said.
To make a QR code cash withdrawal, customers have to select the option to “Withdraw cash with OCBC Pay Anyone” on the ATM home screen. With the app, the user then needs to scan the QR code which appears in the centre of the screen. A menu of cash withdrawal amounts will then appear on the app. Customers with multiple accounts can choose the bank account to withdraw from.