NCR enables mobile phone ATM withdrawals

Mobile banking is growing all the time, Think Money notes.

Not only can one organise one's money on one's mobile with online and SMS banking, some customers can also use their devices to make payments using near field communication (NFC).

And now, NCR has announced that it will allow its customers to use their mobiles to withdraw money from their accounts at an ATM.

Information Age says the mobile cash withdrawal system will allow consumers to pre-order a cash withdrawal using their banks' mobile applications.

When they get to the nearest cash point running NCR's software, the cash point will display a 2D bar code, which users will scan with the camera on their mobile phones to authenticate the transaction. The entire process could take as little as 10 seconds, NCR says.

NCR claims the system would not store any sensitive data about customers on their devices. It says it would improve security by removing the need for cards and PINs and would thwart cash point 'skimming' devices.

The solution includes an integrated electronic receipt that is delivered to the user's mobile app, eliminating the printed paper receipt, and includes the ability to store and archive it for later retrieval, Market Watch reports.

NCR is seeking strategic partnership opportunities with select financial institutions to pilot this new solution.

With no additional hardware required, just a software upgrade, the vendor is also touting the system's simplicity and cheapness for banks, Finextra writes.

However, it has not named any customers and says it is "looking for partnership opportunities".

Jaivinder Gill, MD, NCR, India, says: "NCR Mobile Cash Withdrawal will help financial institutions meet their customers' expectations in the mobile channel, and help them deliver a differentiated and faster converged-channel experience."