November 16th, 2018
Australian Commonwealth Bank will soon let you withdraw money from an ATM using just an app on your smartphone, ditching the credit card for good. With over 3.000 ATM’s being equipped with this new system, a user can withdraw up to $200 a day.
The ATM’s will have a new “withdraw cardless cash” option on the start up menu. If you want to get your cash, you have to open up the app choose the account and the amount of money you want, once done it will show an unique 8 digit number, the user has to put into the ATM, it will then send a text message to the device with a 4 digit code which is only valid for a short time, this 4 digit code must then be inserted into the ATM. One of the most amazing things is that you can do this while not standing next to an ATM, and only insert the codes once you get there.
This very same process also allows you to get a friend to withdraw the cash for you, sending him the unique 8 digit number generated from the app, he can use his smartphone to get the 4 digit number and withdraw just the amount of money you assigned it. Once used, the 4 pin code will become invalid so no more withdrawals can be used.
The app that is required will be available for both Android and iOS, but not for Windows Phone. This new way of withdrawing money is part of the latest efforts in CommBank’s aggressive push into the mobile space, as previously the bank introduced a system which allowed clients to easily transfer money between them using NFC technology. This system will become available next month.