OCBC introduces QR codes for cash withdrawal

Oversea-Chinese Banking Corporation (OCBC) announced Wednesday it will be introducing QR codes as an alternative way for customers to withdraw cash from its ATMs in Singapore.

According to a report from Finextra, users can now simply scan a QR code through the OCBC Pay Anyone app to process the cash withdrawal. This eliminates the need for physical ATM cards or PINS and introduces a more secured process as it uses the customer’s fingerprint, faceprint, or banking login details to authenticate a transaction.

“Using a QR code instead of keying in a PIN is more secure because [customers can choose] biometric authentication, which is a more robust security feature than a PIN number that can be revealed or stolen,” the bank explained in a statement posted on Wednesday.

“Furthermore, a physical ATM card can be skimmed while a mobile device cannot. Even if the customer’s mobile device falls into the wrong hands, access to his or her bank account can be barred as the customer’s fingerprint or faceprint would be required,” the post added.

Although the Singapore-based banking company has gained a 25% increase in mobile banking users last year, the rate of ATM withdrawals remained to be 3 million per month.

“As we accelerate our drive to go cashless, we also recognise that ATMs are still an essential and frequently used touchpoint for our customers. Increasingly, more of these customers are getting familiar with and scanning QR codes to pay, and we wanted to bring them the same ease, speed, and security when they get cash at our ATMs. We believe this completely reimagines a core service for which customers engage with the banks and will move the needle in making QR code payments mainstream in Singapore,” said Aditya Gupta, Head of Digital Business at OCBC Bank.

The new service is currently available at 655 OCBC ATMs across Singapore.