By Mohammed Waseem
Cardless cash withdrawal is the new trend that is starting to become common around the world. It works mostly in case of money transfers, where senders transfer an amount to the beneficiary who has the option to withdraw the cash at an ATM without using a card. It works with codes that recognize the transactions.
Malaysia’s Maybank has a money transfer app that enables the senders to send money to anyone in Malaysia, without even knowing their bank account number. The former can send money using the recipient’s mobile number. The latter then receives a text message with the code that should be used for withdrawing the cash.
Once the transaction has been initiated and the recipient has received the code, they can visit any of the Maybank teller machines and use the bank’s cardless withdrawal function to collect the cash. The code has to be provided to authenticate the transaction.
The transfer completes instantly and the recipients can collect the cash as soon as they receive the text message containing the code. A number of countries have introduced this facility to simplify local money transfers and this have proven to increase the adoption of online banking and money transfer.
The bank introduced this service in Singapore last year and in Malaysia now; Maybank expects at least 30% increase in the value of online transactions in the next two years. The current value of Maybank’s online transactions is 13 billion ringgit, which is equivalent to $4 billion. They also have a plan to introduce the service throughout the network that extends to Cambodia, Indonesia and the Philippines.
The app not only facilitates money transfer, but also enables the users to perform many other banking transactions including bill payment, prepaid mobile top up, etc. The money transfer facilities include instant transfer using the recipient’s mobile number and interbank transfer.
The app is available for download for Android, iOS and Windows Phone devices from the respective app markets.