Goodbye, ATM Card! Hello, QR Code!

Goodbye, ATM Card! Hello, QR Code!

Singapore’s OCBC Bank has initiated withdrawal of money by scanning a QR code in the customer’s Pay Anyone app.

Touted to be safer than a PIN number, QR code withdrawals involve:

1) Scanning of the QR code

2) Authentication of the transaction using a fingerprint, face print or mobile banking login credentials

Advantages of QR code withdrawals

  • More secure as bio metric authentication is more robust as a security feature than a PIN number
  • No skimming of mobile device
  • Reduction of withdrawal time from 80 seconds to 45 seconds

Available at 655 OCBC ATMs in Singapore except 22 new ATMs that accept both coin and cash deposits, QR code withdrawals are expected to replace ATM cards sooner than later.

[Source 1,2]

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