OCBC Bank first in Singapore to offer cash withdrawals via QR codes

OCBC Bank first in Singapore to offer cash withdrawals via QR codes

qr code withdrawal
OCBC customers can withdraw money using QR codes via the OCBC Pay Anyone app. (Photo: OCBC)

SINGAPORE: Customers of OCBC Bank can now withdraw money using QR codes, the bank said in a news release on Wednesday (Jul 31).

Using the OCBC Pay Anyone app, customers can scan a QR code and then authenticate the transaction using a fingerprint, faceprint or mobile banking login credentials, OCBC said, adding that it was the first bank in Singapore to introduce this.

According to OCBC, a QR code is "more secure" as compared to a PIN number. 

"Using a QR code instead of keying in a PIN is more secure because biometric authentication can be chosen - which is a more robust security feature than a PIN number that can be revealed or stolen," it said.  

"A physical ATM card can be skimmed while a mobile device cannot."

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It added that even if the phone gets stolen, access to the customer's bank account can be barred because a fingerprint or faceprint would be required. 

The QR code method will also help customers cut down their time at ATM kiosks from 80 seconds to 45 seconds, OCBC said.

“As we accelerate our drive to go cashless, we also recognise that ATMs are still an essential and frequently used touchpoint for our customers," said Mr Aditya Gupta, head of OCBC's digital business for Singapore and Malaysia.

"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."

The service is available at 655 OCBC ATMs in Singapore. However the service will not be available at the 22 new ATMs which accept both coin and cash deposits, the bank said. 

Source: CNA/aa(rw)