First National Bank (FNB) has introduced new mobile banking solution, enabling its customers to withdraw money from an FNB ATMs without a bank card.
FND said more than ZAR79m ($11m) has been withdrawn cash using the cash withdrawal via m-banking so far.
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Ravesh Ramlakan, CEO, FNB banking solutions said that this solution was more secure than using bank cards at the ATM.
"In hindsight, with Cash Withdrawal, there’s no risk of card skimming, as the customer does not need to use their bank card at the ATM,"
Ramlakan added that the new solution is very convenient to consumers.
We’ve found that very few people forget their cellphones when going they leave the house, but quite often people forget their wallets or misplace their debit cards. Cash Withdrawal becomes the obvious choice in these instances."
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By GlobalDataFNDs m-banking payment solution follows closely Absas roll out of contactless payment in SA.
Ramlakan further added that cardless solutions are the future of banking and that more banks may adopt cardless ATM withdrawal solutions due to the demand of the market.
