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CARDS & PAYMENTS | Staff Reporter, Singapore

OCBC enables cash withdrawals via QR code

Cash withdrawal at ATMs can be completed in under 45 seconds.

In a first in Singapore, OCBC is enabling users to withdraw cash at ATMs by scanning the QR code on its Pay Anyone app.

After scanning the QR code, users need to authenticate the transaction via fingerprint, faceprint or mobile banking log-in credentials. The latest digital enhancement cuts the time it takes to withdraw cash from the previous 80 seconds to under 45 seconds, the bank said in a statement.

A QR code alongside biometric authentication offers enhanced security features over keying in a PIN number that can be revealed or stolen. This also reduces the risk associated with a physical ATM card that can be skimmed.

Also read: Digital consumers power up Singapore's big banks

"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,” Aditya Gupta, Head of Digital Business, Singapore and Malaysia, OCBC Bank said in a statement.

The service is available on all OCBC Bank ATMs except the 22 new ATMs which accept both coin and cash deposits. 

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