No need to insert your card in the ATM, feature that allows you to withdraw with your phone by using your location and entering PIN into the ATM
I like the idea but I think for this you would firstly need way better GPS and the ATM would need to support this function.
Imagine, with the current GPS, you in town center. Normally you have a group of ATM’s in the same place so how would you know which ATM to pick as they all could be set up to withdraw from your account.
NFC ATMs are the future…
But I can only see two banks looking at implementing it, and I imagine Barclays will lock their version down (assuming the trial is successful). I can’t see any details on how Lloyds are using NFC, just that the ATMs have the reader.
Santander have NFC on their machines
What’s the point? Inserting your card isn’t particularly inconvenient and I don’t see a security benefit to this either. Also there’s the whole host of problems that come with it.
I think NFC ATMs for small withdrawals is a better idea. Some already exist too.
Inserting cards poses more of a security risk than NFC what with spy cams, Lebanese loops etc.
Do they though? I’d conjecture it’s easier to skim card details from a contactless terminal.
In Poland there’s ‘use phone to withdraw from ATM’ functionality, called BLIK. You generate code on your phone, then you can use it to withdraw money from atm without having card physically with you. Blik can be used for online payments, since major ‘payment gateway’ providers simply added this (no extra complexity for merchants).
You can enter code at POS terminal or ATM using pin keypad, code is valid for 2 mins.
You can also issue something like blik checque, extending duration of the code and sending it to your friend.
It’s somewhat getting traction and seems to be well received. Major Polish banks added blik to their own mobile apps, so it doesn’t even require additional app.
I found the data, that at the end of 2015 more than 50% of ATM in Poland was offering blik thing. Last quarter of 2016 noted really good growth. Not bad, knowing that (only?) 9 banks offer it.
Success in Poland has no relation to any estimations in UK, but I think I’d use it if available. However, based on Blik thing, it would need to be a joint effort by whole banking infrastructure, because it can’t take off without collaborative effort.
Sounds like the RBS/NatWest ‘Get Cash’ function which is actually meant for just occasional withdrawals.
Probably the largest network with the combination of branches and Tesco ATMs.
Personally, it doesn’t seem like a good use of Monzo’s resources.
Debit cards exist for the withdrawal of cash, on the rare occasion that this needs to be done.
I myself am able to operate an almost cashless life, and I think we are quickly headed towards a cashless society, so it seems no point to develop something which is on the rapid decline, but to channel efforts towards things which are going to have a more useful impact.