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OCBC customers can now scan QR code for ATM cash withdrawals

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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 phones.

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 their ATMs islandwide in a bid to "make this old-line banking activity a little more digital", said OCBC 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 phones.

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.

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This service is available at 655 OCBC ATMs across 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 safety feature" compared with a PIN, 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.