Withdraw cash at OCBC ATMs with QR code

Singapore

OCBC customers can now make ATM cash withdrawals via a QR (quick response) code, removing the need for ATM cards.

The bank is the first in Singapore to offer cardless withdrawal using QR code at most of its ATMs islandwide, in a bid to "make this old-line banking activity a little more digital", OCBC said in a statement on Wednesday.

Customers who opt to use this new service will have to first scan a QR code on the ATM screen using the OCBC Pay Anyone app on their mobile device.

They will be prompted to key in a withdrawal amount on the app, and authenticate the transaction via fingerprint, faceprint or mobile banking login credentials.

This service is currently available at 655 OCBC ATMS in Singapore.

From 80 seconds previously, an ATM cash withdrawal using a QR code can now be completed under 45 seconds, said the bank.

QR codes also come with a "more robust security feature" compared with a PIN number, as biometric authentication can be chosen to approve the transaction.

Furthermore, ATM cards can be easily skimmed, compared with mobile devices.

"Even if the customer's mobile device falls into the wrong hands, access to his or her bank account can be barred as the customer's fingerprint or faceprint would be required," said OCBC.

Despite the push for a cashless society, some three million cash withdrawals are still being made at OCBC ATMS in Singapore every month, unchanged from a year ago.

This comes amid a 25 per cent increase in OCBC's digital customers - those who used mobile banking at least once in the last three months - since 2018.

"As we accelerate our drive to go cashless, we also recognise that ATMs are still an essential and frequently used touchpoint for our customers.

"Increasingly, more of these customers are getting familiar with and scanning QR codes to pay, and we wanted to bring them the same ease, speed and security when they get cash at our ATMs," said Aditya Gupta, OCBC's head of digital business for Singapore and Malaysia.

In 2016, UOB rolled out contactless ATMs equipped with a Near Field Communication (NFC) reader.

Customers can withdraw cash by tapping their mobile device on the ATM's NFC reader.

They will then key in their PIN number and amount of cash requested the usual way.

POSB, DBS, ICBC and Standard Chartered bank customers can also withdraw cash from 7-Eleven stores islandwide via the soCash app, a cardless cash withdrawal service.