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Friday, December 7, 2007

Withdraw cash without ATM cards!

An interactive technology has been developed for cash withdrawals without an ATM card. In this facility, one can use a system generated Personal Identification Number (PIN) to withdraw money from his account in an automated teller machine (ATM).

If you fell out of budget during a shopping spree, you can call up your friend for his PIN and use it to withdraw money from his account. However, the system generated PIN can be used only once. Banks are willing to spend on this technology. So, we could see some developments soon :)

PIN transaction through a mobile phone is secure as it uses encrypted messages. Shopping and stock trading are also possible through interactive ATMs as banks have access to customers' PAN, address and account balance.

Stock trading and mobile money transfer through ATMs are widely in use in Singapore, the U.S. and Europe. The mobile subscriber base in India has touched 250 million now and is growing at a scorching pace.

At present, nearly 23 percent of banking transactions are through ATMs and banks are attempting to ramp up these kinds of transaction. Globally too, the trend is towards self-service in banks and retail stores.

1 comment:

Anonymous said...

Hey thanks for the post. America is always coming up with new conveniences in regards to transactions. This will bring a whole new light to the invention of ATM machines.