South Africa's FSB Lets Customers Withdraw Cash Using Their Phones
Michael Hines — April 10, 2011 — Tech
References: fnb.co.za & springwise
South Africa's First National Bank is introducing the world's first cardless ATM withdrawals. The bank's new system lets customers withdraw funds simply by using their mobile phones.
Customers need only to log onto FSB's online banking service on their phones to request cash. Users then select their account and amount they wish to withdraw. Users are then given a temporary one-time-use PIN that can be redeemed at any ATM within 30 minutes. This service could save people time by freeing up where and when they can withdraw their cash. Seeing as how smartphones are becoming more and more popular, I wouldn't be surprised to see more banks adopt cardless ATM withdrawals.
Customers need only to log onto FSB's online banking service on their phones to request cash. Users then select their account and amount they wish to withdraw. Users are then given a temporary one-time-use PIN that can be redeemed at any ATM within 30 minutes. This service could save people time by freeing up where and when they can withdraw their cash. Seeing as how smartphones are becoming more and more popular, I wouldn't be surprised to see more banks adopt cardless ATM withdrawals.
Trend Themes
1. Cardless ATM Withdrawals - The trend of cardless ATM withdrawals is revolutionizing the way people access cash from ATMs.
2. Mobile Banking - The trend of using mobile phones for banking purposes is growing, allowing customers to conveniently manage their finances on the go.
3. Temporary One-time-use Pins - The trend of using temporary one-time-use PINs for security and convenience is enhancing the ATM withdrawal experience.
Industry Implications
1. Banking - The banking industry has the opportunity to offer cardless ATM withdrawals to provide customers with more flexibility and convenience.
2. Mobile Technology - The mobile technology industry can develop innovative solutions that enable secure and seamless cardless ATM transactions using smartphones.
3. Fintech - The fintech industry can leverage cardless ATM withdrawals to disrupt traditional banking systems and offer innovative financial solutions.
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