Banking group the Royal Bank of Scotland (RBS) and NatWest have introduced a scheme in the UK allowing customers to withdraw cash from an ATM using a smartphone.
Under the “GetCash” scheme, customers with the RBS and NatWest mobile banking app can request the cash on their mobile and a 6 digit pin will be generated. This code is entered at an ATM, the amount of cash confirmed, and funds distributed accordingly.
The service allows customers to access their funds when they have lost or forgotten their debit cards, and gives them the choice of leaving their wallets at home in favour of their mobile phones.
RBS and NatWest already operates emergency cash schemes, which they claim nearly 60,000 people have used this year.
“After positive feedback we’re extending the availability of this service to the 2.4 million customers who already have the RBS and NatWest banking app on their phone,” the banks said in a statement.
The banks added that over the course of 2012, GetCash will be combined with a range of other mobile developments, which together will allow RBS and NatWest to offer more by way of mobile payments platform.
“This has never been done anywhere in the UK, and yet is a really simple and secure way to help our customers get cash whenever and wherever they need it,” said Ben Green, head of mobile at NatWest and RBS.
“We’ve heard countless stories from customers who’ve left their wallet behind, or parents who need a quick way to send money across to their children immediately – GetCash means these problems have been solved in a totally secure and painless way.”
Simon Collins, vice president at Praesidium, the business consulting division of WeDo Technologies, said that while these innovative mobile banking applications are great at demonstrating just what is achievable on a smartphone today, both banks and consumers need to be aware of the fraudulent activities and security risks that go hand in hand with these types applications and adoption of this technology.
“The banks need to be vigilant in order to overcome and be prepared for such activities with each area of the technology and the associated processes assessed, with risk protection considered from an end-to-end perspective,” said Collins.
“This is essential to ensure that consumer adoption of these types of services rises as when consumers start to utilise the proposed full range of mobile money services, then in essence the mobile will replace the traditional ‘wallet or purse’ and will need to be protected accordingly. There must be trust and integrity of all transactions.”
Will regulators ever be able to catch up with the rate of change in the telco/tech industry?
Total Voters: 48