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Cardless withdrawals from ATM machines – Asia leading the way

Withdrawing money from automated teller machines (ATMs) using a mobile device is the latest milestone in the trend of more buying and usage behavior migrating to mobile devices.

The Bank of India recently became the first state-run lender to allow withdrawal of funds from its ATMs across India, without needing to own a bank account. The Instant Money Transfer (IMT) service further allows any customer of the bank to transfer money using the receiver’s mobile number and a passcode sent via a text message.

Singapore’s United Overseas Bank (UOB) also offers the transfer of funds via any mobile number. The money received can be withdrawn from any UOB ATM, credited into a UOB account or used to top up a cash card.

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Nidhi Singh
Senior Executive, Group Corporate Communications
Spire Research and Consulting
Phone: (91) 124 646 5499
E-mail: nidhi.singh@spireresearch.com

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