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Today cardless cash withdrawal is already possible with smart devices and in future will be biometric and facial recognition enabled
What Problem?
Traditional ATM withdrawals can be inconvenient if the card is lost or stolen or if the customer does not have their card with them. Also for those who do not have bank accounts or ATM cards money cannot be transferred or withdrawn for them.
What Solution?
Cardless withdrawal is a convenient and secure way to withdraw cash from an ATM. It eliminates the need to carry a physical card, and instead uses a mobile app to use biometric or generate a one-time code that can be used to withdraw cash. Money can be withdrawn without a bank account by inserting their mobile number.
Why is it Unique?
Secured & Safe: It is a more secure way as only the person authorised to use the smart device will be able to use the biometrics or get the one time code
Convenience: No need to carry your ATM card with you everywhere or even remember the PIN
Improved Access: Even those who do not have a bank account now can access the money and withdraw it from a bank ATM
Personalized: With biometric and smart phone enabled service gives the user more personlized and ease of mind experience
Case Study
Cardless Cash Withdrawal is a service which enables to transfer cash to a beneficiary who does not have any bank account. For transferring funds using this service, all you need is the mobile number of the payee. The payee can withdraw cash from Cardless Cash Withdrawal* enabled ATMs anywhere across India. The payee will have to put his mobile numher and security pin received to withdraw cash.
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