If you forget to take your ATM card with you and need cash urgently, United Overseas Bank’s (UOB) mobile app will come in handy.
It is the only app here that allows cardless ATM cash withdrawals.
To do so, a UOB customer needs to request a one-time PIN number via the app. The customer then keys in a PIN, which will be sent via SMS, into an UOB ATM to withdraw the money.
Through this feature, called Mobile Cash, UOB customers can also transfer money to others, by requesting that a PIN number be sent to their phone. In such cases, even non-UOB customers can withdraw money from UOB ATMs.
Financial institutions across the globe are embracing the convergence of mobile banking and ATMs. In the U.S., several banks and credit unions have announced the availability of cardless cash withdrawals (which are also known as ATM prestaging and mobile cash withdrawals). The benefits, including not needing a card (and in the U.S., a less-secure mag stripe debit card) and having significantly reduced cash withdrawal times, are key reasons why FIs and customers alike are interested in this technology
Overview by Ed O’ Brien, Director, Banking Channels Advisory Service at Mercator Advisory Group
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