By now I’m sure we have all heard about the use of technology in the Banking and E-Banking Sector all over the world including payments made online, transactions done over NFC and now theirs a new way of withdrawing cash from an ATM. NCR Corporation has laid down a foundation stone for its next big service which might just bring a big change in how cash can be withdrawn using only your cell phone. YES YOU HEARD THAT RIGHT !!!
The concept behind it is much simpler than one would expect. The user would simply make a selection via the NCR Mobile Cash Withdrawal app and scan the QR code that would be displayed in an ATM’s screen. After that, the transaction will be processed and the cash withdrawn, with the user receiving an electronic receipt.
Unlike services like Google Wallet and Isis, the system under development has no need for new hardware and uses technology that has been available to us for many years. All one needs is an internet-connected device that can read a QR code. The ATM machine would also need a software upgrade to display said code. This would make the transition much faster (provided banks agree to adapt this new system of cash withdrawal), as the expenses of adapting to NCR’s technology would be quite minimal.
Now the question which arises in everybody’s mind is that whether this service would be secure or not ? Well NCR claims that this solution would reduce skimming fraud, as one wouldn’t be using an actual card to withdraw money. But a smartphone-operated transaction can bring many other concerns. The device’s software is not 100% safe, justifying from the fact that we have had our good share of malware and other types of viruses springing up in cellular devices in recent months.
All said and done, the idea is not that bad afterall provided proper measures are taken to make it more safe and secure. The video demonstrates how this new method of cash withdrawal actually works.
So what’s your take on this ? Feel free to share your opinions with us.