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Withdraw cash without ATM cards
By siliconindia
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Friday, 07 December 2007, 02:55 IST
Hyderabad: NCR, a global self-service technology major, has developed an interactive technology for cash withdrawals without an ATM card. In this facility, one can use a system generated Personal Identification Number (PIN) to withdraw money from his account in an automated teller machine (ATM).
If you fell out of budget during a shopping spree, you can call up your friend for his PIN and use it to withdraw money from his account. NCR is in talks with a leading private sector bank to offer this technology, reported The Economic Times.
"We are also in talks with a couple of other banks to offer our technology. The technology solution will offer services such as stock trading, shopping, mobile money transfer and bill payments through interactive ATMs. However, the system generated PIN can be used only once. Banks are willing to spend on this technology," said Manjunath Rao, Country Sales Manager of NCR India's financial solutions division .
According to Rao, the PIN transaction through a mobile phone is secure as it uses encrypted messages. Shopping and stock trading are also possible through interactive ATMs as banks have access to customers' PAN, address and account balance.
The new technology solution works on Pentium IV computers with XP operating system. It costs about Rs 15 per customer for the banks that have a 15 million plus customer base. Stock trading and mobile money transfer through ATMs are widely in use in Singapore, the U.S. and Europe. The mobile subscriber base in India has touched 250 million now and is growing at a scorching pace.
At present, nearly 23 percent of banking transactions are through ATMs and banks are attempting to ramp up these kinds of transaction. Globally too, the trend is towards self-service in banks and retail stores.
