New ATM machines set to revolutionise the way we withdraw cash
ATM machines with new technology that allow consumers to withdraw cash without the use of a credit or debt card are being rolled out.
Customers with a Royal Bank of Scotland (RBS) or NatWest mobile banking phone application can withdraw up to £100 using their smartphone device.
credit cards comparisonCustomers who request cash via their phone and are given a six-digit code to enter into an ATM machine to release the money.
Other cash machine operators are developing similar systems. NCR, for example, operates a system whereby users are required to scan a barcode to withdraw money.
As smartphones edge closer to becoming an all-encompassing digital wallet, it’s unlikely that credit cards will be phased out.
The system is designed to work with credit and debit cards to enhance the customer’s banking experience. RBS claim that the new system would help customers who have forgotten their bankcards or wish to send cash to family members in a hurry.
Ben Green, head of mobile at RBS and NatWest said: "It is a really simple and secure way to help our customers get cash whenever and wherever they need it.”
The bank also suggested that the system would allow people to leave their wallets at home and only take their smartphone with them. However, this might raise questions over security, theft and fraud.
RBS said that the mobile banking application requires a password and the withdrawal code is hidden until the user taps the screen. This has been done to prevent thieves from looking over the phone owner’s shoulders to steal the code.
The service is available to customers who have downloaded the mobile banking application and they have a choice of using the 8,000 RBS, NatWest or Tesco branded ATMs in the UK.
Customers using a physical card can withdraw up to £300 in one day, however, with mobile banking the limit is £100.