Two banks in the United Kingdom, Royal Bank of Scotland and NatWest, have announced the availabilty of a mobile application that enables consumers to withdraw cash from ATMs without a debit card. Described in the quote below from a Mobiledia article, this enhancement to mobile banking apps points out two key trends for financial institutions.
First, expanding mobile-banking app feature functionality is going to continue to tick up for most major financial institutions and make entry-level apps quickly appear out of date. Second, this app is designed to address a specific situation where the consumer inadvertently or intentionally does not have their debit card. I’m sure these banks are hoping that more consumers choose not use their debit cards, but as this article points out, that ramp up time is going to be a lot slower.
The system, called GetCash, sends a six-digit code that users enter on a compatible ATM’s keypad to withdraw up to £100. Instead of using an ATM card, people use the code sent to their phone to get the money, removing the need to carry around a physical debit card.
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