As of the reports, Debit Cards will not be required to withdraw cash from ATMs and it is said to be completely card-less in the coming years. Banks will be soon employing a QR Code based cash withdrawal mechanism, wherein the use of ATMs.
The said latest process is said to be working based on QR codes, generated by your banking app and here we explain how the process works below :-
- You enter the ATM kiosk
- Open your banking app
- Generate a unique QR Code for cash withdrawal
- Show the QR Code at the teller machine, which will scan it
- Your cash comes out
While generating the QR Code, the banking app will also prompt you to select the denominations of currency which you need. The ATM Teller machine will read that, and give you the exact denominations you need.
Soon, other services such as demand draft, checkbook and more can be done, simply by using the QR Codes generated by the banking app.
This may take some time, as the ATM Teller machines will be required to equip with this new scanning mechanism. Once it is done, then the usage of debit cards will become obsolete, and all you need is your mobile and Internet to withdraw cash from ATMs…….Read More>>